Maize prices decline on lower domestic demand: USGC

In the futures contract maize for April was down by 2.98%

Maize prices continued to decline on the futures as well as spot centres last week by an average 1.2% to Rs 13,174 tonne, mainly due to lower demand, according to the US Grains Council.

"Corn continued to tumble as there is lower demand from poultry due to lower price realisation. On all India average prices have moved lower last week by 1.2% to Rs 13,174 per tonne," USGC India Representative Amit Sachdev said.

Prices were reported to be down in Andhra Pradesh by 1.39% to Rs 12,572 per tonne, in Gujarat by 5% to Rs 12,804 per tonne, Rajasthan 2.96% to Rs 13,600 per tonne and Uttar Pradesh 0.31% to Rs 14,197 per tonne.

However, prices were reported to be marginally up in Karnataka by 0.11% at Rs 12,014 per tonne, Madhya Pradesh by 0.34% at Rs 12,014, Maharashtra 0.40% at Rs 13,283 per tonne and Tamil Nadu 1.59% at Rs 13,404 per tonne.

In the futures (NCDEX) maize April contract was down by 2.98% to Rs 11,380 per tonne, May by 1.60% to Rs 11,670 per tonne and July down 1.05% to Rs 12,290 per tonne.

Spot prices were down in Karimnagar by 0.16% at Rs 12,780 per tonne and in Gulabbagh by 0.78% at Rs 13,720 per tonne.

There is anticipation of a large crop, which is leading to lower prices, Sachdev added.

However, maize prices were reported up in Nizamabad by 1.89% to Rs 12,657 per tonne, Davangere 0.39% to Rs 12,800 per tonne and Sangli 0.44% to Rs 12,850 per tonne.

Meanwhile, maize prices moved up in the US on higher domestic and international demand.