Maize On NCDEX Settled Up 0.76% At 1596

Maize on NCDEX settled up 0.76% at 1596 on short covering after prices dropped amid easing demand from consuming industries against ample stocks position. Punjab government has urged farmers to cultivate maize instead of the water-guzzling paddy. The state is providing subsidy on maize seed at the rate of Rs 84 per kilogram. A spokesperson of the agriculture department said the move is aimed at pulling the debt-ridden peasantry of the state out of the vicious cycle of wheat-paddy cultivation. He said the government is promoting varieties of maize seed that produce higher yield. As per IBIS data, India exported 5372 MT maize during the week ended 19th Jun’16 against 4500 MT previous week ending 12th Jun’16. Maize has been exported at an average FoB of $225.72/ MT. Indian maize is exported mainly to Malaysia followed by Nepal mainly through Kolkata Sea followed by Raxaul LCS. At Khanna market in Punjab sources reported arrivals at 6000 Quintal, lower by 1500 Quintal as against previous day.

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