Maize prices dip on low export demand

Maize prices fell by 3.6 per cent last week to average at Rs 8,778 a tonne due to lack of demand and declining global prices, according to the US Grains Council.

“Corn moved lower by 3.6 per cent at the market yard on an average to Rs 8,778 a tonne. Prices remained higher than last year by 1.9 per cent,” the US Grains Council India Representative Amit Sachdev said.

There is no demand for maize either for export or for local consumption, and the prices in the US have fallen, which in turn is leading to decrease in prices in the domestic market, Sachdev said.

In Andhra Pradesh and Karnataka, prices are down 2.3 per cent and 1.44 per cent at Rs 8,300 and Rs 8,400 respectively.

However, in Gujarat, Maharashtra, Rajasthan and Tamil Nadu, prices are up by 9 per cent, 1.7 per cent, 1.2 per cent and 3.3 per cent at Rs 8,950, Rs 9,200, Rs 10,000 and Rs 8,800 respectively.

In the futures, prices fell for August,September and October contracts to Rs 9,360, Rs 9,310 and Rs 8,720 a tonne on account of good monsoon rain. In Nizamabad and Karimnagar prices remained stable at Rs 9,245 and Rs 8,924 a MT, respectively.

On the Chicago Board of Trade (CBoT) corn remained stable due to higher availability. Among other coarse cereals category, jowar fell by 6.3 per cent to Rs 11,800 a tonne on an average across the country, higher by 8.7 per cent than last year.

Barley also declined by 1.3 per cent last week to Rs 7,610 a tonne, lower by 44.5 per cent than last year. In the spot market (Jaipur), it fell by 3.2 per cent at Rs 8,269 a tonne.