Indian soya lower

Indian soyaoil futures continued to lose on higher domestic supplies on Wednesday, while wheat eased marginally with rains in some growing regions as farmers step up sowing.
Sugar futures were rangebound in thin trade. The November soyaoil contract on the Multi Commodity Exchange was 0.40 rupees lower at 426.05 rupees per 10 kg, while the December contract was 0.20 rupees down at 442.30. Traders said soyaoil prices would continue to trade lower, and were only likely to firm up from mid-December as new market arrivals taper off, traders said.
"Oil supplies are growing with the crushing of soyabeans from the new crop in full swing," said one trader. India is likely to produce around 7 million tonnes of soyabeans this year, almost unchanged from last year.
Wheat futures fell slightly with light rains in key growing states Madly Pradesh and Maharashtra, traders said. The November wheat contract on the National Commodity and Derivatives Exchange was down 2.00 rupees at 1,109.60 rupees per 100 kg.
Wheat futures have remained firm despite the government agreeing to import millions of tonnes of the grain to rebuild depleted stocks, and allowing duty free imports by the private trade. Sugar gained slightly in thin trade but prices were expected to slide as sugarcane crushing picked up. November sugar futures on the NCDEX was 3.00 rupees higher at 1,825.00 rupees per 100 kg, while December futures were also up by the same margin at 1,759.00.