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Commodity News

Maize closes lower on increased selling pressure

30 April 2014 (12:11AM)

Maize prices ended lower by 0.6 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of heavy selling activity by the traders on account of higher global supplies and weak offtakes from the local buyers. At the NCDEX, maize futures for May 2014 contract closed at Rs. 1,152 per quintal, down by 0.6 per cent, after opening at Rs. 1,160 against the previous closing price of Rs. 1,159. It touched the intra-day low of Rs. 1,148.

Sentiment weakened further as a result of a decline in the demand for the commodity from bio-fuel making industries tracking the weak global markets.

USA, China and Brazil are the top three maize producing countries in the world while the prominent exporters of maize are USA, Argentina and Brazil. Chief importers are Japan, EU, Malaysia, Taiwan, Indonesia etc.

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