Maize On NCDEX Settled Up By 2.59% At 1584

Maize on NCDEX settled up by 2.59% at 1584 triggered by a firm trend at the domestic spot markets. As per the third advance estimate of the government, India is expected to have produced 21.02 million tonnes of maize in 2015-16, 7.5% less than the third advance estimate for the previous fiscal. The final maize production in 2014-15 was 23.67 million tonnes. State-run PEC has floated a tender to import 50,000 tonnes of non-genetically modified maize under advance licence for the domestic starch industry. 

After India's retail inflation increased to 5.76% in May from 5.47% in the previous month, mainly on account of costly food items, the central government cleared the import of pulses. This was followed by the decision to import maize, which is also an important feed ingredient, especially in poultry, where prices have remained firm since January. At Nizamabad market in Andhra Pradesh arrivals were reported at 300 Qtl, up by 50 Qtl as compared to previous day.

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