MUMBAI: Indian soyabean futures jumped on Wednesday to hit their highest level in two weeks following gains in overseas prices and on concerns over soyabean output after the weather department forecast poor rains in central India over the next few days.

Soyaoil futures were treading water, while rapeseed rose on thin supplies in spot markets.

The key August soyabean futures contract on the National Commodity and Derivatives Exchange ended 2.4 percent higher at 3,644 rupees per 100 kg, after rising to 3,689 rupees earlier in the day, its highest level since June 18.

The July rapeseed contract rose 1 percent to 4,253 rupees per 100 kg.

At 1257 GMT, the key August soyaoil contract was down 0.16 percent at 587.20 rupees per 10 kg.

SUGAR

Indian sugar futures were steady as an improvement in exports offset ample supplies due to five straight years of surplus output.

Indian sugar mills have contracted to export 50,000 tonnes of white sugar to Sri Lanka, Myanmar, Afghanistan and Turkmenistan at $340-$345 a tonne, free-on-board, the first major deal in the past few months.

The key October contract was quoted 0.05 percent higher at 2,147 rupees per 100 kg.

CORN, WHEAT

The July corn contract was up 2.73 percent at 1,206 rupees per 100 kg, while the July wheat contract closed 1 percent up at 1,486 rupees per 100 kg.—Reuters