December 9, 2016 / 1:08 PM / 8 months ago

Indian wheat futures rise on prospect of tight supply

Dec 9 (Reuters) - Indian wheat futures rose on Friday on expectations of tight supplies in December.

Wheat supplies in the weeks ahead could be tight as 400,000 tonnes of Ukrainian cargoes, booked for December, are expected to be delayed, traders said, just when India was boosting stockpiles.

India on Thursday scrapped its 10 percent import duty on wheat after droughts in the past two years depleted stocks and raised prices, a move that traders said could lift overseas purchases to their highest in a decade.

The December wheat contract settled 2.5 percent higher at 2,053 Indian rupees ($30.38) per 100 kg.

SOYBEAN, SOYOIL

* The December soyoil futures on the National Commodity & Derivatives Exchange (NCDEX) fell to 722 rupees per 10 kg at 1239 GMT, tracking Malaysian palm oil and overseas markets.

* The most-actively January soybean contract fell 0.3 percent in heavy trading to 3,064 rupees per 100 kg. The December contract closed lower for the ninth straight day, mirroring overseas price weakness in anticipation of higher supplies.

SUGAR

* The December sugar contract was largely flat at 3,400 rupees per 100 kg.

RAPESEED

* The January rapeseed contract fell 1.2 percent in light trading to 4,590 rupees per 100 kg.

CORN

* December corn futures was flat at 1,406 rupees per 100 kg.

$1 = 67.5855 Indian rupees Reporting by Sudarshan Varadhan in New Delhi; Editing by Amrutha Gayathri

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