March 3, 2009

India corn futures ended higher on Monday (Mar 2) on talk of fresh export enquiries, analysts said.

There is an order of about 20,000 tonnes from Vietnam, said a trader in Nizamabad, a major trading hub.

India has so far exported about 300,000 tonnes of corn in 2008-09 marketing year that began in October. India exported about 3 million tonnes in 2007-08.

Exports were affected by lower-priced offerings from the US and Brazil amid a slowing demand in major economies, traders and analysts said.

May futures contract NMZK9 on the National Commodity and Derivatives Exchange ended at Rs842 (US$16.27) per 100kg, up 0.71 percent.

Spot prices rose slightly to Rs818 (US$15.8) per 100kg in Nizamabad.