Maize On NCDEX Settled Up 2.39% At 1583

Maize on NCDEX settled up 2.39% at 1583 tracking firmness in spot demand despite of weak overseas prices. A weekly U.S. Department of Agriculture report said that old-crop corn export sales came in at 345,100 tonnes in the seven days, down from 667,777 tonnes a week ago. New new-crop sales were 506,300 tonnes, down from 687,843 tonnes. The old-crop figure was below market forecasts while the new-crop number was in line with expectations. The Argentina’s Agriculture Ministry said it now expects 39.8 million tonnes from the 2015-16 corn crop, up from 37.9 million in its last monthly report. 

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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