India maize gains on firm purchases

•Prices of maize rose across key spot markets today due to firm demand from end users such as starch makers and poultry feed producers was strong. However, a marginal rise in arrivals limited the rise in prices. •In Nizamabad, arrivals were at over 760 tn compared with 748 tn on Tuesday, according to data on the website of the Telangana agricultural marketing department. In Sangli, arrivals were at 960 tn against 915 tn on Tuesday, according to the website of the Maharashtra agricultural marketing board. •Demand from bulk buyers remained strong today as they are piling up stocks in anticipation of a rise in prices in the long term after the supplies from the kharif crop dry up. •A likely smaller crop also supported prices in spot markets, traders said. Market participants see the kharif maize crop at 16.1 mln tn against the government's estimate of 19.9 mln tn. •On the National Commodity and Derivatives Exchange, the December maize contract rose 3% to 2,032 rupees per 100 kg, tracking firm spot cues.

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