Indian soft commodities edge lower on profit-taking

REUTERS - Indian soft commodities edged lower on profit-taking on Friday, as India's move earlier this month to invalidate larger banknotes continued to affect trading. "Traders are still facing the effect of demonitisation and are not taking any new trade positions," a soyoil trader from central India told Reuters. "There is a lack of direction in the Indian soy markets, especially since the CBOT was closed on Thursday on account of Thanksgiving," he said. Indian sugar is on track to cap a lukewarm week of trading and is set to close lower for the sixth straight day, as traders await the arrival of fresh stock next year after the end of the ongoing crushing season. SOYOIL, SOYBEAN * December soyoil futures fell to 710.30 rupees ($10.37) per 10 kg at 1150 GMT. * The December soybean contract on the National Commodity & Derivatives Exchange (NCDEX) fell about 0.6 percent to 3,103 rupees per 100 kg. * The December rapeseed contract fell 0.6 percent to 4,645 rupees per 100 kg. SUGAR * The December sugar contract fell to 3,425 rupees per 100 kg as of 1150 GMT. CORN, WHEAT * December corn futures rose 0.2 percent to 1,415 rupees per 100 kg * The December wheat contract rose 0.9 percent to 2,071 rupees per 100 kg. ($1 = 68.4645 rupees) (Reporting by Sudarshan Varadhan in New Delhi; Editing by Sunil Nair)