Maize On NCDEX Settled Up 0.81% At 1501

Maize on NCDEX settled up 0.81% at 1501 as prices recovered on shortcovering tracking firmess weakness in spot demand and overseas prices. 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; 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.

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