MUMBAI, March 15 (Reuters) - Corn futures in India, Asia's
largest exporter of the grain, ended down on Friday and are
expected to trade range-bound with negative bias next week on
fresh arrivals from the new season crop, but export inquiries
are seen aiding prices.
The key April contract for maize on the National
Commodity and Derivatives Exchange (NCDEX) ended down 0.23
percent at 1,303 rupees (about $6.15 per bushel) per 100 kg.
"We are seeing some demand from southeast Asian countries.
Port congestion in Brazil is tightening supplies and diverting
demand towards India," said Prerana Desai, vice-president of
research at Kotak Commodities.
Premiums over Chicago futures prices paid for soybeans at
Brazil's Paranagua port turned negative for the first time in
the 2012/13 crop year on Thursday as a record harvest pressures
prices and transportation delays crimp demand.
Indian traders have struck a rare deal to export 13,700
tonnes of corn to China, as the world's second largest consumer
of the grain tries to meet rapidly increasing demand from its
animal feed sector amid high domestic prices.
Fresh supplies have started coming into the market in small
At Nizamabad, a key market in Andhra Pradesh, spot maize
edged down 2 rupees to 1,327 rupees per 100 kg.
Daily supplies at Nizamabad have reached 200-300 tonnes and
are expected to touch 1,000 tonnes after holi, said a trader
Holi, a local festival, will be celebrated on March 27.
Desai expects the April maize contract to trade in
the range of 1,280-1,320 rupees in the next week.
In Chicago, the key May corn contract on CBOT was down
0.03 percent at $7.161/4 per bushel as of 0113 GMT.
The U.S. Department of Agriculture (USDA) forecast at its
annual outlook forum 2013/14 U.S. corn production would rebound
to 14.350 billion bushels, up 35 percent on the year.
Indian cottonseed oilcake, or kapaskhali, futures ended
lower, but are seen rising in the next week on prospects of good
local demand while bullish cues from cotton could also support.
Kapaskhali is a by-product of cottonseed and is used as
cattle feed, mostly for dairy animals, in northern India.
The key April contract on the NCDEX closed down 0.26
percent at 1,534 rupees per 100 kg.
At Akola, a key market in Maharashtra, cottonseed oilcake
edged up 1 rupee to 1,509 rupees per 100 kg.
($1 = 54.3100 Indian rupees)
(Reporting by Meenakshi Sharma; Editing by Jijo Jacob)