Maize On NCDEX Settled Down By -1.06% At 1489

Maize on NCDEX settled down by -1.06% at 1489 tracking weakness in spot demand and overseas prices as abundant global supplies weighed on prices. Pressure also seen on prices tarcking overseas prices amid rapid planting progress in the United States. For corn, the U.S. Department of Agriculture said that U.S. farmers had sown 34 percent of their corn crop, in line with the five-year average and more than had been expecting. At Nizamabad market in Andhra Pradesh, estimated market supply was at 1200 Qtl, lower by 800 Qtl from previous day’s arrivals. At Khanna market in Punjab, estimated market supply was at 1050 Quintal, higher by 150 Quintal as against previous day. Maize plantation and production are expected to grow further in fiscal 2017-18 on expectation of a hike in demand for feed from the poultry and aquaculture industries, US Department of Agriculture (USDA) said recently.

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