Indian wheat futures dropped on Monday after the farm minister said private firms have been allowed to import the grain without any duty. Soyaoil fell after the end of some Hindu festivals. Sugar also eased. The September wheat contract on the National Commodity and Derivatives Exchange (NCDEX) was down 1.80 rupees at 954.80 per 100 kg.
The October contracts fell 0.40 rupees to 974.40. The government allowed duty-free wheat imports by private players to stem rising prices and augment market supplies.
Sugar futures dipped on offloading of stocks by mills. The October sugar contract on the NCDEX was down 3 rupees at 1,804 per 100 kg. Soyaoil futures fell with physical demand slackening after the end of some Hindu festivals.
The September soyaoil contract on the NCDEX fell 3.10 rupees to 430.50 per 10 kg, while the same month contract on the MCX was down 2.95 rupees at 430.50.