Maize futures drop on weak spot cues

Maize prices dropped by Rs 25 to Rs 1,331 per quintal in futures trading today after the participants cut down their positions amid a weak trend at the physical markets.
Marketmen said the fall in maize prices at futures trade was mostly attributed to a weak trend at the physical markets on arrival of fresh crop against withdrawal of buying by animal feed and starch makers.
At the National Commodity and Derivatives Exchange, maize rabi delivery for the most traded June contract dipped by Rs 25, or 1.84 per cent, to Rs 1,331 per quintal, with an open interest of 8,890 lots.

Also, maize for delivery in July slipped by Rs 20, or 1.44 per cent, to Rs 1,370 per quintal, having an open interest of 410 lots.