Maize down 1.7% to Rs 9,035 per tonne: US Grains Council

Maize prices decreased by 1.7 per cent during the last week to an average of Rs 9,035 per tonne due to low demand in consuming states and rising temperature, a report by the US Grains Council said.

"Maize prices moved lower on pan-India average by 1.7 per cent to Rs 9,035 per tonne," the USGC report said. The price was 5.4 per cent higher than the corresponding period of the previous year, it added.

While prices declined by 4.7 per cent to Rs 9,500 per tonne in Gujarat and by one per cent to Rs 8,600 per tonne in Karnataka, they increased or remained stable in most states.

Maize rates rose by 1.5 per cent to Rs 9,710 per tonne in Rajasthan, by 1.5 per cent to Rs 8,800 per tonne in Tamil Nadu and by 6 per cent to Rs 10,150 per tonne in Uttar Pradesh, the report said.

"In Andhra Pradesh and Maharashtra, the prices at the market yard were more or less stable at last week's level," it added.

Prices moved up slightly in the futures market too. May futures went up by 0.34 per cent to Rs 8,850 per tonne, June futures rose 0.66 per cent to Rs 9,080 per tonne and July futures increased 0.87 per cent to Rs 9,255 per tonne, while August futures moved up 1.4 per cent to Rs 9,360 per tonne.

As for the spot markets, rates were down in Karimnagar by 1.52 per cent to Rs 9,060 per tonne and fell by 0.90 per cent to Rs 9,045 per tonne in Davangere. However, maize prices increased by 0.64 per cent to Rs 8,850 per tonne in Nizamabad.

Among coarse grains, prices of pearl millet moved up by 3.8 per cent to Rs 10,337 per tonne, while that of Sorghum rose by 12 per cent to Rs 13,611 per tonne. However, barley rates dropped by 1.1 per cent to Rs 8,763 per tonne on average this week.