Lower wheat, corn futures seen in India

India wheat futures may trade a tad lower on Tuesday (March 2) morning, weighed by a bumper crop, analysts said.

The March wheat contract NWTH0 last ended at Rs1,284.2 per 100 kg, down 0.5%.

Last week, India raised its wheat crop estimate to a record 82 million tonnes, the second upgrade in a week on favourable weather and higher acreage.

India's Rabi wheat sowing as on February 19 stood at 27.81 million hectares, against 27.59 million hectares in the year ago period, according to sources.

Meanwhile, India's corn futures may edge lower on a drop in exports and hopes of a bigger winter crop, analysts said.

The March corn contract NMZH0 last ended at Rs867 per 100 kg, up 0.3%.

India's corn exports could drop by 60% in the year to September due to crop quality issues. Latest government estimates show a higher winter crop at 5.64 million tonnes over 5.61 million tonnes last year.