Indian wheat futures were mixed on Wednesday on market rumours that private traders were lining up contracts to import the grain. Sugar futures were down ahead of the allocation to mills of the August monthly quota for sale in the open market. Soyoil fell on the impact of international prices.
The August wheat contract at the National Commodity and Derivatives Exchange (NCDEX) had fallen by 4 rupees to 850 rupees per 100 kg. The same month contract on the Multi Commodity Exchange (MCX) rose by 3.50 rupees to 880.50.
"There are rumours in the market that private firms are firming up some contracts for the import of wheat. This is impacting the sentiment," said a north India-based trader. Private firms - including users like flour mills and biscuit makers - have been allowed by the government to import wheat at a concessional duty of five percent.
Since February, India has contracted to import 3.5 million tonnes of wheat to augment government stocks after a sharp fall in procurement from domestic farmers this year. The food ministry said on Tuesday it expects about 760,000 tonnes of imported wheat to have arrived at Indian ports by the end of August.