India wheat futures seen higher on lower acreage

India wheat futures are seen higher on Friday on lower acreage but a government plan to release two to three million tonnes of wheat and rice in the next two months in the open market may limit gains.

The wheat January contract NWTF0 last ended up 0.39% at Rs1,447 (US$31.7) per 100 kg.

India's wheat acreage was at 26.85 million hectares as on January 8, 2010, compared with 27.25 million hectares a year ago.

The wheat crop year is from October to September.

Corn futures may extend losses on weak exports and as a large quantity of the grain was rejected, analysts said. The January corn contract NMZF0 last ended 0.81% lower at Rs912 (US$20) per 100 kg, after touching intra-day low of Rs904 (US$19.8).