Maize On NCDEX Settled Up By 0.54% At 1304

Maize on NCDEX settled up by 0.54% at 1304 supported by increased offtake by consuming industries. The USDA projected U.S. corn stocks would rise to 2.153 billion bushels by the end of 2016/17. The figure was below the average trade forecast of 2.294 billion, but would be the largest since the 1980s if realised. U.S. farmers are in the thick of spring planting and had seeded 64 percent of the 2016/17 corn crop by Sunday, the USDA said. Hefty supplies, large expected crops and poor U.S. exports will weigh on grain prices later this year, with corn set to drop to 10-year lows as harvest nears, consultancy AgResource said. In its first 2016 price forecast, the U.S.-based consultancy projected CBOT December corn would fall 25 percent to $2.80 per bushel as the harvest nears and it becomes the market's front month.

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