Maize prices steady at Rs 12,395 per ton on better rains: USGC

The prices in the first week this month (loose maize at the market yard) was Rs 13,472 per tonne and last week it eased to Rs 12,395 per tonne,down by 8 percent.

Prices declined in Andhra Pradesh by 5.12 percent to Rs 11,200 per tonne,Madhya Pradesh by 2.7 percent to Rs 12,713 per tonne,Maharashtra – 2.47 percent to Rs 13,294,Tamil Nadu -1.19 percent to Rs 14,328,Uttar Pradesh – 0.77 percent to Rs

12,430,while it increased in some markets like Gujarat by 0.37 percent to Rs 13,400 per tonne,Karnataka – 0.61 percent to Rs 12,948 and in Rajasthan by 5.69 percent to Rs 14,421.

Maize prices were 16.31 percent higher in August at Rs 12,407 per tonne compared to the same month last year.

On the NCDEX,maize futures moved up for four contracts but the spot prices were down,indicating that the demand could be less,Sachdev said adding that arrivals could be little late this year.

Maize September delivery was up 2.48 percent at Rs 14,460 per tonne,October up 4.19 percent at Rs 14,400,November- 2.28 percent at Rs 13,420 and December-2 percent at Rs 13,770.

However,spot prices in key markets like Nizamabad declined by 2.92 percent at Rs 14,882 per tonne,after reaching a peak of Rs 15,640 per tonne early this month.

In Davangere it was at Rs 14,336 per tonne,in Karimnagar down 2.12 percent at Rs 15,000,in Sangli at Rs 15,575 per tonne,down 0.19 percent.

Corn harvest has started in the US but there is variance in its yields and crop quality due to the drought conditions.

There have been rains in some parts of the US,but that would not help corn crop now.

Meanwhile,other cereals like pearl millet was at Rs 12,395 per tonne on pan India average,same as maize,higher than last year by 20.9 percent. Sorghum remained at Rs 16,821 per tonne,higher than last year by 2.4 percent.

However,barley tumbled to Rs 11,038 per tonne,down 12.6 percent against last week.