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Maize futures continued to trade on a firm note on the heels of tardy sowing of coarse cereals for the current kharif season and strong export demand. On the NCDEX, prices spurted by almost Rs 65 a quintal last week.
According to a release from the Ministry of Agriculture, the total sowing acreage of coarse cereals as on August 24 was reported at 165.34 lakh hectares, down 25 lakh hectares from the same period last year. Besides, there is a short supply of the crop.
On the other hand, bullish international cues have added to gains in the market. According to the International Grain Council (IGC), drought has further stressed crops across the US with the world production of maize forecast to drop by 4 per cent to 838 million tonnes in 2012.
Exportable supplies in the US and Ukraine have tightened and while the next crop in Brazil, Argentina and South Africa may be large, harvests are still several months away.
Maize for September delivery increased by Rs 4 a quintal to Rs 1,550, while that of the October series rose by Rs 3 to Rs 1,540. In the spot market at Davangere in Karnataka, maize was quoted at Rs 1,515 a quintal.
On the CBOT, December corn rose 0.31 per cent to $8.03-1/4 a bushel on fears that typhoon Isaac may damage the harvest.
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