India corn futures opened lower on Wednesday as export demand continues to be poor, raising concerns that the trend will depress prices through the year, analysts said.
India has only exported about 300,000 tonnes of the commodity in the first five months of the current corn marketing year that began in October. It exported about 3 million tonnes in 2007/08.
Exports have been pinched by lower-priced offerings from the U.S and Brazil amid the demand slowdown in major economies, traders and analysts said.
However, talk of some export enquiries may provide some support later in the session, analysts said.
At 10:39 a.m, most-active June futures contract NMZM9 on the National Commodity and Derivatives Exchange was at 835 rupees per 100 kg, down 1.53 percent.
Source : Reuters India