Indian soyoil futures were mixed on Thursday, as arrival of the new soybean crop gradually picked up, while wheat rose in line with higher global prices. Sugar was soft in low volumes.
By 1020 GMT, the November soyoil contract on the Multi Commodity Exchange was 0.55 rupees down at 426.35 rupees per 10 kg, while the December contract was 0.30 rupees higher at 435.10.
Soyoil futures are expected to fall as the arrival of the soybean crop gathers momentum and remain weak until the middle of next month, a Mumbai-based trader said. India is likely to produce 7 million tonnes of soybeans this year, almost unchanged from last year. Wheat futures were higher, tracking trends in international markets, as Australia, the world's top wheat exporter, is expected to produce less than half last year's 25 million tonnes due to drought, the trader said.
Wheat would continue to rule high in coming weeks on higher winter consumption, he said. The November wheat contract on the National Commodity and Derivatives Exchange was up 9.80 rupees at 1,095.20 rupees per 100 kg while the December contract was at 1,112.60 rupees per 100 kg, up 12 rupees.
The trader said sugar was soft as festival-related demand tapered off amid higher output projections. India's sugar output is estimated at over 22 million tonnes, up from 19.3 million tonnes in the last season.
November sugar futures on the NCDEX were down 1 rupee at 1,813 rupees per 100 kg, while December futures were 3 rupees down at 1,758.
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