MUMBAI (Commodity Online):Maize futures gained Tuesday on the back of rising spot demand from the poultry markets though higher sowing in the producing regions limited the uptrend.
In NCDEX Maize December contract is trading at Rs.1096.50 per quintal, higher by 1.43 per cent against the previous close.
In the early sessions the contract traded at a range of Rs.1068-1104 per quintal. Open interest of the contract is 5010 lots and volume traded is 1420 lots for the time being.
As per latest monthly report from United States Department of Agriculture, the total global production of Maize in 2011-12 is likely to reach 867 million tonnes, up 9 million tonnes from the previous report. This is mainly due to strong production in China. Moreover, total ending stocks augmented by 5.6 million tonnes in 2011-12.
