February 17, 2012

India's corn prices fall by 1.7% on selling pressure

India's corn prices decreased by INR21 (US$0.43) to INR1,193 (US$24.21) per quintal in future trading after selling by traders in conjunction with lower global cues.

At the National Commodity and Derivatives Exchange, corn prices for April month contract plunged by INR21 (US$0.43) or 1.73% to INR1,193 (US$24.21) per quintal, having an open interest of 2,550 lots.

The May contract was down INR14 (US$0.28), or 1.13% to INR1,225 (US$24.86) per quintal, showing an open interest of 1,640 lots.

The most active March contract shed INR11.50 (US$0.23) or 0.98% to INR1,165 (US$23.64) per quintal, witnessing an open interest of 14,200 lots.

Marketmen said fall in its prices at overseas markets put pressure here in future price of corn.

Slackness in demand from bio-fuel making industries also helped dampan the trading sentiments, they said.