Maize prices rose 1.3% last week: USGC

Maize prices in the country rose 1.3 per cent on an average to Rs 9,478 per tonne for the week ended June 18 due to high demand in major consumer states, the US Grains Council has said.

"Prices are higher than last year by 8.3 per cent during the same time," USGC India Representative Amit Sachdeva said.

Maize rates rose 1.54 per cent to Rs 10,670 per tonne in Gujarat, by 4.65 per cent to Rs 9,411 per tonne in Karnataka, 4.71 per cent to Rs 9,550 per tonne in Maharashtra, gained 2.84 per cent to Rs 10,535 per tonne in Rajasthan and 1.06 per cent to Rs 9,760 per tonne in Tamil Nadu, according to a report by the USGC.

Meanwhile, prices of the coarse cereal remained somewhat stable in Andhra Pradesh at an average of Rs 8,740 a tonne. The rates in Uttar Pradesh have, on the other hand, moved lower by 4.9 per cent to Rs 9,433 per tonne in the last week, as new crop arrivals have begun in a few markets, it said.

"Traders believe that the prices can move lower as more stocks shall continue to arrive," Sachdeva said.

At the National Commodities and Derivatives Exchange (NCDEX) too, prices of maize futures declined in the past week on profit taking.

The July contract was down 2.68 per cent at Rs 9,970 per tonne, while that for August fell 2.13 per cent to Rs 10,100 per tonne and the one for September decreased by 1.33 per cent to Rs 9,965 per tonne. The price of maize also eased at the major spot markets in the past week.

Rates at Nizamabad and Karimnagar were lower than last week by 1.16 per cent and 0.13 per cent at Rs 9,856 per tonne and Rs 9,837 per tonne, respectively. However, at Davangere prices were up 2.25 per cent at Rs 9,837 per tonne.

Among other coarse grains, pearl millet prices remained stable at Rs 9,450 per tonne last week and are higher than last year by 8.2 per cent, it said.

Sorghum prices shot up by 11 per cent to Rs 14,654 per tonne, the report said, adding that barley rates, however, declined by 0.9 per cent to Rs 9,550 per tonne last week.