MUMBAI (Commodity Online): Maize futures declined Friday on profit booking by the traders on the back of weak domestic demand and on tracking poor global cues.
In NCDEX maize January contract is trading at Rs.1234 per quintal, down by 1.98 per cent in the morning session against the previous close. Open interest of the contract is 6140 lots and volume traded is 1850 lots for the time being.
In US, Corn futures tumble Thursday after the USDA issues much larger-than-expected supply estimates. CBOT March Corn ends down 40c, or 6.1%, to $6.11 1/2. Friday's trading limit will be expanded to 60c.
Although the USDA's changes from last month were not huge, traders had widely been expecting supply cuts. Instead, the USDA raised its 2011 crop estimate and 2012 world stockpile projection, while leaving its US inventory projection unchanged.
Global demand will rise to 867.98 million tons, smaller than the 868.6 million tons estimated last month, the USDA said.
