Indian wheat futures fell as much as 4
percent on Tuesday and touched the lower circuit limit,
triggering a restriction on bidding for the commodity below that
level for the day.
The December wheat contract, which hit the lower circuit
around the day's close, fell as the government increased supply
in the open market by in a bid to control the prices at which
the commodity is sold to consumers, a trader from central India
said on Tuesday.
The Indian government last week decided to raise the price
at which it will buy new-season wheat from domestic farmers in
2017, a decision intended to boost wheat output.
The December wheat contract settled 3.5 percent
lower at 2,043 rupees ($29.94) per 100 kg.
** The December soybean contract rose 0.3 percent to
3,088 rupees per 100 kg. Trading was mostly range-bound based on
overseas sentiment, a trader said.
** The December soyoil futures on the National
Commodity & Derivatives Exchange (NCDEX) were down 0.3 percent
at 688.15 rupees per 10 kg at 1150 GMT, due to lower demand.
* The December sugar contract was set to close lower
for the third consecutive day, and was down about 0.2 percent to
3,453 rupees per 100 kg.
* The December rapeseed contract rose 1.8 percent to
4,708 rupees per 100 kg due to lower demand.
* December corn futures fell 1.3 percent to close
at 1,400 rupees per 100 kg.
($1 = 68.2455 Indian rupees)