“Demand from the poultry sector is weak because of high temperature in the summer. Exports are also subdued and exporters are just fulfilling their old commitments,” said a trader from Nizamabad in Andhra Pradesh. The key May contract for maize rabi recovered slightly to close 0.35 percent higher at 1,150 rupees ($5.47 per bushel) per 100 kg on the National Commodity and Derivatives Exchange (NCDEX), after hitting a contract low of 1,139 rupees earlier in the day.
Maize is cultivated twice a year, during summer and winter, in Asia’s largest exporter of the grain, with a major contribution coming from the summer crop. India’s corn output is seen at 21.82 million tonnes in 2012/13, the farm ministry said in a forecast on Friday, compared with 21.76 million tonnes a year ago. India’s aggressive corn exports look set to hit a wall after a slide in global prices.
In Chicago, the key May corn contract on CBOT rose 0.29 percent to $6.99-1/2 per bushel at 1312 GMT. Chicago corn rose to a one-month high on Friday, on track for its biggest weekly rise since July, as wet weather continued to delay planting in the US Midwest, raising expectations for corn acres to switch to soybeans.