Maize futures plummets more than 1% today due to fresh supplies of maize from Bihar along with restricted offtake by poultry industries.
Traders mentioned that fresh supplies of maize were reported in the major producing regions of Bihar such as Muzaffarpur , Motihari and Siwan . The total daily arrivals were reported in the range of 200-300 bags with the price range of Rs 1300-1340 per quintal. Traders suggested that total daily arrivals will gain momentum after 30th April which might incite strong selling in physical market.
Consequently , bearish cues from physical markets prompted some selling in futures market . The NCDEX May Maize futures slumped by Rs 14 per quintal to trade at Rs 1223 per quintal today.
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