Maize: Subdued sentiment
COMMODITY SPIKES
On NCDEX, the May contract opened strong last week and managed to scale up further. But the last three trading sessions of the week pulled the market down. The country is expected to produce close to 16 million tonnes of maize this year (kharif and rabi).
On NCDEX, the near-month contract closed the week at Rs 727 a quintal against the previous week's close of Rs 711 a quintal. However, commodity analysts maintained a bearish outlook and put the support level at Rs 713 a quintal.
Starch firms and the poultry industry consume almost 90 per cent of the production. Commodity traders fear that a ban on maize futures trade may result in a further drop in prices.