Maize On NCDEX Settled Down By -0.46% At 1501

Maize on NCDEX settled down by -0.46% at 1501 tracking weakness in spot demand and overseas prices amid after the USDA pegged the condition of the crop at above market expectations. The IGC raised its forecast for the 2016/17 global corn production by 15 MMT to 1017 MMT compared to last projection. Forecast for global corn ending stock was also raised by 8 MMT to 213 MMT compared to last month and 6 MMT compared to last year. In Karnataka, Maize has been sown in 10.12 lakh hectares as on 22nd July’16; which is higher than last year’s 7.65 lakh hectare covered during corresponding period last year while in Maharashtra; it has been up by 0.31 lakh hectares to 6.71 lakh hectares. In M.P, it has been up by 1.98 lakh hectares to 11.71 lakh hectares. In A.P, maize is likely to trade steady in the near term.

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