Indian soyaoil futures rise, sugar down, wheat mixed

Indian soyaoil futures rose slightly on Thursday on expectations that demand for biofuels that would boost prices, while sugar futures were down amid plentiful supplies.
Wheat futures were mixed in negligible trade. The March soyaoil contract on the Multi Commodity Exchange was up 1.55 rupees at 438.30 per 10 kg, while the April contract rose 1.95 rupees to 448.45. "Everybody is expecting soyaoil prices would rise in the coming months, as the global demand for biofuels is likely to rise," said a Mumbai-based analyst.
Sugar futures were down amid plentiful supplies from a bumper crop of 24 million tonnes in the season that began in October. April sugar futures on the National Commodity and Derivatives Exchange were down 3 rupees at 1,468 per 100 kg, while March futures were down 5 rupees at 1,514.
Wheat futures were mixed amid little trade, following the government ban on launching new contracts last month. "The volumes in wheat futures have dried up completely because of the government decision," said another Mumbai-based analyst. March wheat futures on the NCDEX were down 3 rupees at 981 per 100 kg, while the April contract rose 1.40 rupees to 885.