Indian rapeseed futures hit a record high for the third straight session on Wednesday as supplies remained low, while soyabeans rose to a more than four-month high. The most active November soyabean contract on the National Commodity and Derivatives Exchange ended 3.4 percent up at 4,009 rupees ($61.80) per 100 kg, after touching 4,025 rupees, its highest since June 3, earlier in the day.
Gains tracked a rise in the US market, while a surge in soya imports to China and lower arrivals in local markets also helped. "I think 4,100 to 4,150 rupees is the upside which I look for the November contract. On the downside, we might see around 3,900 rupees for a day or two," said Faiyaz Hudani, associate vice president at Kotak Commodities Services.
The November rapeseed contract closed 1.2 percent higher at 5,068 rupees per 100 kg, after hitting an all-time high of 5,106 rupees. At 1310 GMT, the soyaoil contract for November delivery was up 1.3 percent at 644 rupees per 10 kg, aided by gains in overseas markets.
SUGAR The December sugar futures fell 1.9 percent to 2,711 rupees per 100 kg on ample supplies of the sweetener.
CORN, WHEAT The November corn contract snapped four sessions of losses and ended 0.8 percent higher at 1,366 rupees per 100 kg, while the November wheat contract edged up 0.18 percent at 1,636 rupees per 100 kg.
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