India’s corn exports plunge as local prices rally on strong demand

India’s corn exports have almost ground to a halt since December due to a rally in local prices on strong demand from the poultry and ethanol industry, making shipments from the country more expensive than those from rivals, four exporters told Reuters. India usually exports around 250,000 to 300,000 metric tons of corn every month but in December its exports fell to around 30,000 tons, dealers said. Typical buyers from India such as Bangladesh, Vietnam, Malaysia, Nepal and Sri Lanka have preferred purchases from South American countries that are offering the grain at a steep discount to Indian prices. “India’s corn exports have nearly stopped,” said Nitin Gupta, senior vice president of Olam Agri India. “In the local market, demand is robust for corn from poultry and ethanol makers, which is keeping corn prices firm.” Indian corn is offered around $300 per metric ton on a free-on-board (FOB) basis, while competing South American corn is being offered around $230, dealers said. “A ...