Indian wheat futures fell on Friday as supplies of imported grain improved, while soyaoil eased due to a downward technical correction. Sugar lost on waning retail demand. The December wheat contract on the National Commodity and Derivatives Exchange (NCDEX) was down 7.80 rupees at 1,063 rupees per 100 kg, while the January contract fell by 2.40 rupees to 1,080 rupees.
"Supplies of imported wheat have gained, especially in southern states where demand for the grain traditionally goes up in December," an analyst at a Mumbai-based brokerage said.
India was forced to import wheat this year for the first time in six years following a poor crop, and a large portion of the 5.5 million tonnes of contracted wheat has arrived. Soyaoil futures were weak due to a downward correction after trading high in the last couple of days, the analyst said. "Soyaoil futures are likely to be range bound in the next couple of days."
The December soyaoil contract on the Multi Commodity Exchange was down 0.60 rupees at 456.90 rupees per 10 kg, while the January contract fell 0.90 rupees to 467.80 rupees. Sugar was weak due to a fall in retail demand with households having bought their monthly supplies. December sugar futures on the NCDEX were down by 6 rupees at 1,756 rupees per 100 kg, while January futures were lower by 6 rupees at 1,730 rupees.
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