Maize closes lower on weak demand

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Maize prices closed lower by 0.36 per cent on Wednesday 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 December 2012 contract closed at Rs. 1,395 per quintal, down by 0.36 per cent, after opening at Rs. 1,390 against the previous closing price of Rs. 1,400. It touched the intra-day low of Rs. 1,381

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.

Story first published: Thursday, December 13, 2012, 14:30 [IST]
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