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India corn futures fall on higher output; barley down
MUMBAI, April 24 |
MUMBAI, April 24 (Reuters) - Indian corn futures were trading lower on Thursday afternoon on the federal government's revised higher output estimates, analysts said.
India's winter crop arrivals are at a peak and India on Tuesday revised its 2007/08 output estimate to 18.54 million tonnes from 16.78 million earlier.
India produced 15.1 million tonnes of corn the previous year.
However, strong export demand limited the losses. India is likely to export 2.1 million tonnes of corn by May.
At 1:54 p.m, the May futures NMZK8 on National Commodity and Derivatives Exchange (NCDEX) fell 0.35 percent to 702 rupees per 100 kg.
BARLEY
Barley futures pared early gains and were trading lower as arrival pressure weighed, analysts said.
However, demand from malt makers limited the losses, they said. Malted barley is used in beer production.
Spot prices in Jaipur, a major trading centre, fell by 5 rupees to 1,095 rupees per 100 kg.
At 1:55 p.m, the May futures NBLK8 was down 0.43 percent at 1,111 rupees per 100 kg.
(Reporting by Sourav Mishra; Editing by Sunil Nair)
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