June 5, 2008 / 1:16 PM / in 11 years

India corn futures higher on short-covering, export

MUMBAI, June 5 (Reuters) - Indian corn futures were higher on Thursday afternoon on short covering after a sharp fall in the previous session, and on lower warehouse stocks, analysts said.

Export demand from south-east Asian countries also supported the futures, analysts said.

India is expected to ship about 3 million tonnes of the commodity in the 2007/08 marketing season, according to a U.S. Grains council report. India exported about 400,000 tonnes in 2006/07. Corn marketing season runs from October to September. At close, July futures NMZN8 stood at 905.5 rupees per 100 kg, up 1.23 percent, on the National Commodity & Derivatives Exchange (NCDEX).

The combined open interest of June, July, August and September futures stood at 32,640 up from 32,330 tonnes in the previous session.

The combined warehouse stocks at Davangere, Karimnagar and Nizamabad fell to 7,855 tonnes on Wednesday from 8,561 tonnes on Tuesday, data from NCDEX Web site showed.

BARLEY:

Indian barley futures ended higher on domestic and export demand, analysts said.

The most active July futures NBLN8 rose 0.77 percent to 1,355.2 rupees per 100 kg, on the NCDEX at close.

Reporting by Sourav Mishra; Editing by Prem Udayabhanu

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