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Maize (corn) futures gained on Friday morning on cues from the global market following three days of decline.
Maize has been gaining in the last few sessions with the US facing its worst drought in five decades. As a result, the US corn crop is in trouble. This has raised export demand for Indian corn from the Far East, the South-East and the Gulf countries.
On the CBOT, corn for December delivery increased to $7.964 a bushel, a turnaround for the commodity that was losing value since Tuesday.
In India too, the commodity had lost value on profit-booking spurred by fears that the Government may impose a ban on futures trading and the Forward Markets Commission considering doubling the margin payable by investors.
With these fears receding for the moment, investors have taken positions, seeing good value in buying at current levels.
August futures were up Rs 8 at Rs 1,488 for a quintal, while the September contract gained Rs 13 at Rs 1,525. The November contract was at Rs 1,502, up Rs 7.
Spot at Nizamabad was quoting at Rs 1,406.40 for a quintal.
In India too, the maize growing areas have received deficient rainfall.
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