Maize Futures To Gather Some More Buying In The Near Term (09:48, 13 Aug 2013) Maize futures to remain supportive in the near term due to hike in MSP by government along with strong export demand. The NCDEX futures increased by more than 1% in the last trading. The NCDEX futures got the strong support from rise is Minimum Support Price (MSP) of maize by government. The MSP of maize for 2013-14 crop season at Rs 1,310 per quintal, which is same as that for common paddy with the aim of promoting the farmers to plant more maize replacing paddy, particularly in Punjab and Haryana. The strong export demand of maize at lower levels will also incite some gains in maize futures. The market data suggested that the total export of maize for marketing season 2012-13 is reported at 50 lakh tonnes , up almost 25% from the last years. This is mainly due to strong export demand for East Asian countries. The NCDEX September Rabi Maize futures added Rs 17 per quintal to close at Rs 1307 per quintal in the last trading. The NCDEX futures shrugged off 0.97% in open interest indicating short covering by traders. Technically , buying is likely to emerge from 1298-1300 levels , while selling is likely to emerge from 1320-1325 levels in the near term. Powered by Commodity Insights
Posted on: Tue, 13 Aug 2013 04:42:05 +0000
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