Selling intensified in maize futures in the second consecutive week due to mounting arrivals in major mandies along with restricted offtake by starch and poultry industries. The NCDEX futures pared almost Rs 34 per quintal in the last week.

In domestic market, sluggish offtake by poultry industries due to higher prices of maize along strong supplies prompted bearish trend throughout the week. The total daily average arrivals were reported in the range of 0.90-1.20 lakh bags (Maharashtra 0.35 , Karnataka 0.35 and MP & AP 0.40 lakh bags). Traders are expecting the strong rabi production in Bihar in the last week.

In international market, steady trend was seen in CBOT market in the last week due to supply concerns from South America. The latest release from Argentina's Buenos Aires Grains Exchange stated that the Argentina's corn harvests will witness significant decline in this season due to dry weather which might crimp world corn supplies. In its first harvest estimat... more