According to an industry analyst, the future of India corn seems to be hiking due to the continuation of the purchase of government agencies. Moreover some renewed export demand from Bangladesh and Sri Lanka has also enhanced the possibility.
The traders and analysts further revealed that the Food Corp of India (FCI) and state-level agencies have been aggressively buying corn since last week to keep prices from falling below the state-set level of 840 rupees per 100 kg.
Moreover the reduction of prices for the last three months as a fall in local demand due to a bird flu outbreak coincided with the global slowdown hitting exports.
February corn futures contract NMZF9 on the National Commodity and Derivatives Exchange ended at 812 rupees per 100 kg in the previous trading session.
Finally the analyst said concluding that there may be some profit-taking at higher levels.
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