MUMBAI (Commodity Online): Maize futures in NCDEX opened higher on Wednesday morning as traders created fresh positions on the back of firm export demand. Active buying in the local markets also supported the firm trend.
Maize in NCDEX August contract traded at Rs.1510 per quintal, up by 1.13% in the morning session and open interest of the same stood at 29500 lots for the time being.
India is expected to have exported more than 3 million MT during the year. In the international scene, US crop is estimated to be in good to excellent condition only in 31% of the area.
With Bihar being the only sizeable supplier, all the buyers are actively buying in the state. Stockists are active anticipating further increase in prices.