February 26, 2009
India corn futures fall on weak export demand
India's corn futures for June delivery fell Wednesday (Feb 25) due to poor export demand, analysts said.
Overseas enquiries had supported futures early in the session but no actual orders had been signed by the end of the day, analysts said.
India has so far exported about 300,000 tonnes of corn in 2008-09 marketing year which began in October. India exported about 3 million tonnes of corn in 2007-08.
Exports are hurt by lower-priced offerings from competitors like the US and Brazil amid slowing demand in key markets, a trader said.
At closing, the most-active June contract NMZM9 on the National Commodity and Derivatives Exchange was 0.53 percent down at Rs841.5 (US$16.8) per 100kg.
