Maize prices in India show mixed trends: USGC

Maize prices in India are showing a mixed trend and the average rate last week was Rs 13,312 per tonne, higher than last year by five%, according to US Grains Council (USGC).

 

"Prices in India were mixed. Last one week seems to be good for maize crop or for that matter all the standing crops as it did not rain much. Whatever damage, it was being seen limited for the corn crop. Overall, on pan India average basis maize prices last week were at Rs 13,312 per tonne, higher than last year by 5%," USGC India Representative Amit Sachdev said in a report.

 

Prices in some of the key markets were up. In Andhra Pradesh it was up by 3.37% at Rs 12,948 per tonnes, Karnataka 5.46% at Rs 14,400 per tonnes and Maharashtra 5.82% at Rs 15,358 per tonnes.

 

Markets where prices were down include, Gujarat, down by 3.64% at Rs 14,003 per tonne, Rajasthan 1% at Rs 14,037 per tonne, Tamil Nadu 0.56% at Rs 14,781 per tonne and Uttar Pradesh 0.5% at Rs 14,070 per tonne.

 

The average maize price was higher by 7.39% in August at Rs 13,324 per tonne compared to the same month last year.

 

However, in the futures market the prices were trading higher due to anticipated damage to the crop due to heavy monsoon and the depreciating rupee.

 

The September contract was up 2.82% at Rs 13,810 per tonne, October up 3.49% at Rs 13,020 per tonne and November up 3.93% at Rs 12,950 per tonne.

 

Spot markets showed mixed trends, in Nizamabad and Karimnagar at Andhra Pradesh it was up 2.78% and 0.33% to Rs 15,329 per tonne and Rs 14,900 per per tonne, respectively.