Indian wheat futures rose for the second straight day on Friday as millers scrambled to garner stocks amid tight supplies to the market. Soyoil futures were up amid concerns that a burst of intense rains over key growing regions in the past week may have damaged the crop. Sugar futures were down on the monthly settlement date.
The August wheat contract on the National Commodity and Derivatives Exchange (NCDEX) was up 22.40 rupees at 985 and the same month contract on the Multi Commodity Exchange rose 27 rupees to 970.
Traders said millers were trying to buy as much wheat as they could from local suppliers to fill empty warehouses ahead of the winter season, which begins in October-November. Sugar futures were down ahead of the monthly settlement on Friday as those traders who did not have enough stocks unwound their positions.
The August sugar contract at the NCDEX fell 24 rupees to 1,852 per 100 kg. The same month contract on the MCX was down 7 rupees at 1,860.
Soyoil futures rose on concerns that heavy monsoon rains over the past week could have damaged the crop. The August soy oil contract at the NCDEX was up 2.25 rupees at 434.50 per 10 kg.