MUMBAI, March 16 (Reuters) - India corn futures hit fresh highs on Monday as a falling rupee helped exports pick up pace, analysts said.
The Indian rupee has shed about 6 percent so far during the year. A weak rupee makes Indian prices attractive to overseas buyers, dealing in dollars, analysts said.
"Reports indicate free-on-board (FOB) values of corn from India to be close to 164 rupees/170 rupees per tonne and with the price differential, there could be increase in exports," said Amit Sachdev, a US Grains Council consultant.
Delivered price of corn from US in the southeast Asia region is about $210/212 per tonne in April, about $20 higher than Indian corn.
India has exported about 300,000 tonnes of the commodity so far in the 2008/09 marketing year that began in October and has contracted to export about 20,000 tonnes more, according to traders. It exported about 3 million tonnes in 2007/08.
Exports have been pinched earlier this year by lower-priced offerings from the U.S and Brazil amid the demand slowdown in major economies, traders and analysts said.
At 3:02 p.m, the most-active May contract NMZK9 on the National Commodity and Derivatives Exchange was up 1.15 percent at 837.5 rupees per 100 kg.
Source : REUTERS INDIA