Maize On NCDEX Settled Down By -0.32% At 1582

Maize on NCDEX settled down by -0.32% at 1582 tracking weakness in spot demand and overseas prices. In A.P, maize is likely to trade steady in the near term. In Nizamabad; stock of maize could be around 7000 MT which was 5000 MT last year. Area of maize is likely to increase due to shift from Soybean. In India, maize has been sown in around 68.26 lakh hectares which is higher than 62.61 lakh hectare covered during corresponding period last year. 

It is expected that maize sown area will increase due to favourable weather conditions. India's state-run trader PEC has received only one bid for a tender floated to import 120,000 tonnes of non-genetically modified organisms (GMO) corn, a government source said. The sole bidder offered only 25,000 tonnes of corn at $252.3 per tonne, the source said, highlighting difficulties in sourcing non-GMO corn, which is grown by only a few countries in the world. India has asked a government-backed trader to import an extra half a million tonnes of duty-free, non-GMO corn to keep a lid on domestic prices and overcome any shortage, the trade ministry said earlier this month.

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