November 11, 2008

India's corn futures were lower on Tuesday due to hopes of more incoming stocks, according to analysts.

Arrivals reached 50,000 bags of 100 kg each on a daily average basis last week and on this Monday (Nov 10, 2008), said traders.

However, analysts are expecting a reversed trend later in the day on export-related buying.

Traders said export deals of about 100,000 tonnes of the new crop to Bangladesh and Southeast Asia were signed in the last two weeks since the export ban lapsed on October 15.

December corn futures contract fell 0.47 percent to RS 839 per 100 kg on the National Commodity and Derivatives Exchange.