1. Maize arrivals start; prices remain firm pan-India: USGC

Maize arrivals start; prices remain firm pan-India: USGC

Maize stocks have started arriving at yards, while prices of the produce remained firm during the previous week in the wholesale markets across the country.

By: | Mumbai | Updated: May 1, 2017 5:41 PM
Maize harvest in India continues and stocks are arriving at the market yards, but the prices remain high. (Reuters)

Maize stocks have started arriving at yards, while prices of the produce remained firm during the previous week in the wholesale markets across the country, according to US Grains Council. “Maize harvest in India continues and stocks are arriving at the market yards, but the prices remain high,” USGC Representative for India, Bangladesh and Sri Lanka Amit Sachdev said here.

Prices at other locations, including Jalgaon, were up 0.88 per cent at Rs 14,375 per tonne, Nizmabad up 2.18 per cent at Rs 15,225 per tonne, Davangere up 0.46 per cent at Rs 16,300 per tonne and Sangli up 0.48 per cent at Rs 15,600 per tonne. However, at Gulabbagh in Bihar prices declined by 0.75 per cent to Rs 13,300 per tonne. Delivered prices of corn from Bihar to the south region of the country were quoted at Rs 15,800-16,200 per tonne.

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Meanwhile, future prices, too, showed an upward trend. May Rabi maize was up 3.71 per cent at Rs 13,700 per tonne, June Rabi up 4.57 per cent at Rs 14,180 per tonne, July rabi up 4.03 per cent at Rs 14,470 per tonne and August Rabi up 3.86 per cent at Rs 14,810 per tonne. In the global markets, corn sowing has started in the US and about 6 per cent of the corn has been sown.

The sowing is behind 5-year average, but it is just the beginning and the planting is expected to catch up, Sachdev said. In the US, prices decline during the last week in the range of 3.14–3.81 per cent on future prices as the market was under pressure due to developments in Brazil, where the sowing is in full swing due to good weather, he added.

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