MUMBAI, Feb 15 (Reuters) - India's wheat futures are seen trading higher on Monday on hopes government allow exports and expectations of a good harvest, analysts said.
March wheat contract NWTH0 ended at 1,306.6 rupees per 100 kg, up 1.3 percent in the previous session.
India last week allowed export of wheat to neighour Nepal, a move analysts expect, may pave the way for private exports.
The world's second-biggest producer of wheat banned overseas sales of the grain in February 2007, but lifted the restriction last July for a few days, but no export deals were struck.
A state-run firm would soon be allowed to export an additional 200,000 tonnes of the grain to Nepal, government sources told Reuters on Wednesday.
The government earlier allowed exports of 50,000 tonnes to neighbouring Nepal late Tuesday.
India is likely to harvest 80.28 million tonnes of wheat in 2010, close to last year's record, government said on Friday.
CORN:
India corn futures are seen higher on continued demand from starch makers in Gujarat, but an estimated drop in exports may limit gains, analysts said. The March corn contract NMZH0 last ended at 907.5 rupees per 100 kg, down 0.5 percent.
Starchmakers are buying corn mostly from Madhya Pradesh. Corn prices have fallen about a fifth in the past two months as exports dropped.
Despite the sporadic spurt in demand from starchmakers, overall trend remains weak as exports will be lower this marketing year, analysts said.
India's corn exports could drop by 60 percent in the year to September due to a poor domestic crop, quality issues, lower global prices and good crop prospects overseas, traders and industry officials said on Thursday.
Source : REUTERS