Maize futures decline on weak spot demand

Maize prices dropped by Rs 7.50 to Rs 1,071 per quintal in the future trade owing to traders reducing their holdings in line with a weak spot market sentiment.

Marketmen said heavy supply along with reduced offtake by bio-fuel and cattle-feed makers at the spot market, largely put pressure on traders to minimize their holdings.

Lower overseas advices also helped in bringing down the trading sentiment, they added.
    
At the National Commodity and Derivatives Exchange, maize prices for August contract weakened by Rs 7.50, or 0.70 per cent, to Rs 1,071 per quintal, with an open interest of 17,660 lots.
    
The September month contract too shed Rs 5, or 0.47 per cent, to Rs 1,060 per quintal, with an open interest of 10,900 lots.