Maize futures traded lower on Wednesday on extended profit taking. Investors and traders liquidated their long positions, which resulted into marginal fall in the prices.

However, spot market remained strong and prices improved further on strong demand.

Outlook

The maize futures are expected to trade lower on extended profit booking

We have seen a sharp rise in the prices in last couple of days on strong demand and limited supply

Market participants are booking profits on their long positions anticipating market is in overbought zone

However, fundamental factors are remaining strong for the market

Strong demand from starch industry and poultry feed manufacturers has been supporting the spot prices

As a result of industry buying spot price rose to `11551160 per quintal at Nizamabad

Limited supply in the spot market and strong demand is pushing the spot prices

Courtesy: Karvy Commtrade Ltd.

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