Maize closes lower on high selling pressure

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Maize prices ended lower by 0.54 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 June 2014 contract closed at Rs. 1,104 per quintal, down by 0.54 per cent, after opening at Rs. 1,112 against the previous closing price of Rs. 1,110. It touched the intra-day low of Rs. 1,101.

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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Story first published: Thursday, May 29, 2014, 13:00 [IST]
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