Maize On NCDEX Settled Up By 0.13% At 1546

Maize on NCDEX settled up by 0.13% at 1546 tracking firmess in spot demand despite of pressure in overseas prices amid plentiful global supply that could curb demand. Farmers in China will plant less corn this season, resulting in the nation’s smallest crop in six years. A poll finds that, during the spring planting season, growers in China plan to cut corn acreage for the second straight year to 35.2 million hectares, the equivalent of roughly 85 million acres, and 4.1 percent less than a year ago. The lower acreage will result in corn output dropping to 207.5 million metric tons in the 2017-18 crop year that ends in September, 5.5 percent lower than the 219.6 million produced in the 2016-17 season. It is true that US crop data showed planting is lagging last year, particularly in the Midwest.

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