India wheat seen down as govt decides against export.

MUMBAI, March 22 (Reuters) - India wheat futures are seen lower on Monday as India decided against export of the commodity in the near-term, sparking concerns of subdued demand amid a bumper crop, analysts said.

The most-active April wheat contract NWTJ0 on National Commodity and Derivatives Exchange (NCDEX) last ended at 1,137.8 rupees per 100 kg.

Farm Minister Sharad Pawar last week said India has no immediate plans to lift ban on wheat exports.

Earlier, Indian wheat traders were expecting the world's second biggest grains producer to export between 2-3 million tonnes of wheat this year to get rid of swelling stocks ahead of the new procurement.

Analysts said the government procurement, which begins in April, will give a clear direction to prices.

India's wheat stocks as at March 1 were at 18.4 million tonnes against a target of 8.2 million tonnes, government sources said on Monday.

The country has raised its wheat crop estimate for 2009/10 crop year a record 82 million tonnes in February on favourable weather and higher acreage.
CORN:

India's corn futures may open down on increasing arrivals of the winter crop and a drop in exports, analysts said.

The April corn contract NMZJ0 ended at 882.5 rupees per 100 kg.

Latest government estimates show a higher winter crop at 5.64 million tonnes over 5.61 million tonnes last year.

India's corn exports could drop by 60 percent in the year to September due to crop quality issues, traders and industry officials said.

Source : REUTERS