Maize On NCDEX Settled Down By -0.34% At 1484

Maize on NCDEX settled down by -0.34% at 1484 tracking weakness in spot demand and overseas prices amid rise in supply. In overseas, corn is being underpinned by concerns heavy rains in the Midwest and southern growing areas may have washed away recently sown crops. The U.S. Department of Agriculture (USDA) said the U.S. corn crop was 3 percent seeded by April 9, matching the five-year average. But progress lagged in Illinois, the No. 2 U.S. corn producer, where the crop was only 1 percent seeded, compared with the state's average of 5 percent. Brazilian corn production will fall back sharply from the record levels seen this year, as farmers switch sowings away from corn in response to lower prices, US officials said. Corn plantings for the 2016-17 season were supported by high domestic prices, after heavy imports and a disappointing harvest in the previous year reduced stocks.

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