Maize set for a bull run

COMMODITY SPIKES

This could further propel the market next week. Moreover, the fresh decline in the rupee would support the demand from overseas. The export figures are likely to touch new highs in the next few months, according to commodity analysts.

Reports also suggest that farmers in Bihar are holding their maize stocks in anticipation of higher prices. Demand from the poultry industry is expected to remain strong from June as the summer season will come to an end, thereby increasing the poultry consumption in local and overseas market.

Maize is likely to trade higher on better export demand and an expected increase in the minimum support price. The June maize contract started the week marginally lower, but recovered and closed firm at Rs 880 against the previous week's price of Rs 871 a quintal. Commodity analysts expect resistance at Rs 923.