May 23, 2012

Strong poultry demand pushes up Indian corn futures

Though ample stocks that prevailed in the markets limited the uptrend, firm demand from India's poultry sectors contributed to a gain to its corn futures in NCDEX on Monday (May 21).

In NCDEX Corn June contract traded in the morning session at INR1,174 (US$21.19) per quintal up by 1.29% against the previous close. Open interest of the contract stood at 15,540 lots and volume traded is 3,060 lots.

Brisk buying was witnessed in the physical market of Bihar at lower price levels. Corn from coastal AP for exports is reported to be quoting US$244 per tonne.