Corn prices down on poor demand from poultry sector: USGC

Maize prices declined to an average of Rs 10,500-10,800 per tonne in the market yard last week due to sudden decline in demand from the poultry sector, a report said.
"Farmers prices are down to Rs 10,500-10,800 per tonne and that is a major downtrend. The reason attributed to the sudden drop in demand from the poultry sector is less placement and high mortality in south India due to heat wave conditions," the report by US Grains Council said.
This could be a temporary phase and the prices may move up in July once the stocks are sold and stored, it said.

"There is movement of stocks from Bihar to Karnataka and also to Telangana. Even with prices at this level, India will not be able to export maize to its neighbours, especially the South East Asia and also Bangladesh. Prices need to drop further for the country to be able to export," USGC India Representative Amit Sachdev said.
The spot prices over last one week at Gulabbagh were also down by 0.95 per cent to Rs 11,050 per tonne.
Spot prices in all other locations were mixed Nizamabad down by 0.47 per cent to Rs 12,930 per tonne, Davangere down by 0.93 per cent to Rs 13,350 per tonne, Karimnagar up by 2.28 per cent to Rs 13,125 per tonne and Sangli down by 0.71 per cent to Rs 14,000 per tonne.

Future prices, specially September contract closed higher by 3.58 per cent against last week at Rs 13,020 per tonne. This is the last of the Rabi contract.
The first Kharif contract of October opened at Rs 12,200 per tonne, all other contracts were down.