August 14, 2008
India corn and barley futures rise on export demand
Indian corn futures were trading firm Wednesday (Aug 13, 2008) on rising export demand, analysts said.
Indian corn exports are likely to top 3 million tonnes in the marketing year ending September, seven times what it was the previous year, a trade official said last week.
Despite a current ban on Indian corn exports, shipments confirmed before the ban took place were allowed to go ahead.
However, good rainfall in major growing regions such as Andhra Pradesh helped boost crop prospects and limited further gains in futures, analysts said.
Indian barley futures, weak in early trade on lower export demand recovered lost ground and moved higher on short-covering, analysts said. It has lost about 10 percent in the last four trading sessions.
At 2:20 p.m., the August future NBLQ8 was trading at 1,171.60 rupees per 100 kg, up 2 percent.