Prices of maize fell across key spot markets due to decline in demand from bulk consumers such as feed manufacturers and the starch industry.
Demand weakened as end users are avoiding picking up stocks at higher prices.
On NCDEX, maize futures fell tracking the spot markets. The most-active July contract ended 0.3% lower at 2,145 rupees per 100 kg.
Going ahead, maize prices are seen rising sharply as bulk consumers anticipate a sharp decline in output in 2018-19 (Jul-Jun).
Poultry feed and starch manufacturers, who are key industrial users of maize, see the 2018-19 crop at 18-20 mln tn, compared with 28.7 mln tn the previous year.
State-run MMTC Ltd has floated a fresh tender to import 50,000 of non-genetically modified maize under the tariff rate quota. The tender will close on Jul 9.
The bids would have to be valid till Jul 16. The shipment period is between Jul 20 and Aug 20.
MMTC has been seeking to import non-genetically modified maize for end users after the government indicated that it would allow import of 100,000 tn of the coarse grain at a reduced customs duty of 15% under the tariff rate quota. On Jun 14, the government had allowed MMTC and National Agricultural Cooperative Marketing Federation of India to import 50,000 tn each of feed-grade maize at the concessional duty.