Mumbai: Indian corn June futures erased morning gains and were steady on Tuesday afternoon as hopes of an early monsoon were offset by lower-than-average planting by U.S. farmers, analysts said.
The prices may rise again supported by good buying in the spot market in the eastern state of Andhra Pradesh, they added.
At 2:41 p.m., June futures was slightly up 0.06% at Rs823 per 100 kg, on the National Commodity & Derivatives Exchange (NCDEX).
Prices in the spot market in Nazamabad in Andhra Pradesh rose 3% from Saturday’s close to Rs 778 per 100 kg.
The corn July futures was up 0.64% at $5.90-“ per bushel on the Chicago Board of Trade.
U.S. farmers planted one-fifth of their corn acreage in the past week but still behind average due to a rainy spring, the U.S. Agriculture Department, said on Monday.
Indian barley June futures touched a new high on Tuesday tracking good export and local demand and lower production outlook, analysts said.
At 2:38 p.m, the June futures rose 2.01% to Rs1,258 per 100 kg on the NCDEX. The contract had earlier touched a new high of Rs1,271.
Prices in the spot market in Jaipur rose nearly 3% to touched Rs1,241.65 on good buying from local and exports market.