May 4, 2009
India corn futures seen lower on profit-taking
India corn futures may drop Monday on profit-taking after rising 3.5 percent in the past two sessions, but fresh export demand from Bangladesh may support, analysts and traders said.
The June corn contract NMZM9 on the National Commodity and Derivatives Exchange last ended at Rs902.5 (US$18.2) per 100 kg, up 2.9 percent.
Corn futures have been increasing in the past few weeks on demand. Traders estimate exports could reach 800,000 tonnes in the corn marketing year ending September, double from previous estimates of 250,000-400,000 tonnes.
Barley futures may trade higher on hopes of good domestic demand more than offsetting an export drop and higher output, analysts said.
Most-active July futures contract NBLN9 last ended up 1.44 percent at Rs983.6 (US$19.8) per 100 kg.
