NCDEX maize contracts down 1% on profit booking

Futures contracts of maize on NCDEX fell over 1% as traders booked profits after prices rose over 4% in the last seven trading days. Prices rose in the previous sessions due to a fall in the area under maize in the ongoing kharif season. The area under maize across the country this kharif was at 7.67 mln tn down 6% on year. Supplies are low as recent floods in east and northeast Bihar, the maize growing regions of the state, have damaged a considerable amount of stocked maize.