December 29, 2008

India's corn futures seen to open lower on poor demand

India's corn futures is likely to open lower as demand continues to remain poor, said analysts.

Poor export demand, and a slowdown in domestic consumption after the bird flu outbreak, is expected to pressurise prices through the day, said the analysts.

Benchmark January corn NMZF9 on the National Commodity and Derivatives Exchange ended down 0.25 percent at Rs782.5 per 100 kg in the previous sessions, but it is expected to open between Rs780-778 per kg, said analysts.

US$1 = Rs48.4617 (Dec 29)