Low supplies fail to boost maize futures

NEW DELHI: Maize futures were trading in a narrow-range on the domestic market on Wednesday despite lower arrivals and strong global demand. ���Maize futures were slightly up on Wednesday. Lack of supplies amid demand from foreign countries as well from domestic feed makers failed to give any trigger to price movement,��� an analyst with Religare Commodities said.

At 4 pm IST, June contract was ruling at Rs 879 per 100 kg on NCDEX counter. July contract was up marginally by 0.5% at Rs 925 per 100 kg whereas August contract rose by 1.2% to Rs 961.50. Spot prices ruled firm at Rs 856.10 per 100 kg in Nizamabad market in Andhra Pradesh.

���Feed industry is actively buying in the market. However, supplies are not sufficient to meet the demand. Arrival in Nizamabad is as low as 200 bags, while in Bihar it is around 6,000 bags,��� an analyst with Karvy Comtrade said. ��� PTI Supplies are limited as harvest in some maize growing states like Maharashtra and Andhra Pradesh is completed.

Meanwhile, it has not yet commenced in Karnataka and other states. According to government���s third advance estimates, the country���s maize production is estimated to be about 18.5 million tonnes against 15.1 million tonnes a year ago.