Corn futures rise on export demand, low acreage

MUMBAI: Corn futures were trading higher on Thursday afternoon on hopes of better export demand and lower acreage, analysts said. Exports may cross 3 million tonnes during the marketing year ending September, a more-than-seven-fold rise over the previous year, a trade official said on Wednesday.

According to farm ministry data, corn plantings stood at 5.84 million hectares as on August 1, lower from 6.60 million hectares in the same period the previous year. At 1:25 p.m, most-active August futures were at 1,042 rupees per 100 kg, up 1.21 percent on the National Commodity & Derivatives Exchange. Two analysts said September has a strong resistance at 1,048, and a close above that can trigger an upward rally.