Maize prices stable across India; good Rabi crop expected

Maize prices have been stable for the last couple of weeks, averaging close to Rs 12,000-12,500 per tonne, and the winter crop is expected to be good, US Grains Council said.

"Since the last couple of weeks, the maize prices have been stable, averaging close to Rs 12,000-12,500 per tonne," USGC India Representative Amit Sachdev said.

Last week, corn prices were down by an average 2.4%  to Rs 13,140 per tonne.

The Rabi crop is expected to be good, but little late due to the cold weather front, Sachdev added.

Prices in some of the markets did go up: in Andhra Pradesh it went up 0.39%  at Rs 12,564 per tonne, in Gujarat by 2.35%  at Rs 13,625 per tonne and in Karnataka by 1.66%  at Rs 11,568 per tonne.

However, prices declined in other markets: in Madhya Pradesh it was down by 0.27% t at Rs 11,623 per tonne, in Rajasthan by 0.13% t at Rs 13,774 per tonne, in Tamil Nadu by 1.27%  at Rs 12,266 per tonne and Uttar Pradesh by 0.50% at Rs 13,993 per tonne.

On the exchange (NCDEX), maize prices witnessed a mixed response. In the spot market, except for Nizamabad and Gulabbagh, where prices moved down, in all other markets prices have been up.

Nizamabad maize prices declined by 0.40% to Rs 12,092 per tonne, in Gulabbagh by 0.77%  to Rs 12,350 per tonne.

While in Davangere prices went up by 0.94%  to Rs 12,600 per tonne, in Karimnagar by 1.60 per cent to Rs 12,310 per tonne, in Sangli 0.20%  to Rs 12,310 per tonne.

In the US, corn prices have started to move up slowly as there has been some discussions on lower planting areas in 2014.