June 6, 2008

India corn futures higher on Southeast Asian demand
 
 
India's corn futures opened higher on Friday (June 6, 2008) as demand from Southeast Asian countries accelerated, analysts said.

The country's corn exports are expected to rise to about 3 million tonnes in the 2007/08 marketing year, the US Grains Council said.

In 2006/07, India exported about 400,000 tonnes of the grain.

CBOT corn futures marked a new record high in early Asian trading hours after rising more than 4 percent on Thursday, when rains threatened the US Midwest crop conditions.

However, the foreseen rise in acreage in the coming kharif season due to higher spot prices and early spread of monsoon in Andhra Pradesh, the country's leading producer, will cushion the price climb, analysts said.