Maize prices become stable on arrivals: USGC

As the arrivals picks up, maize prices in Bihar and other centres, including Maharashtra, have become stable during last week with good availability, according to the US Grains Council (USGC).
It is the beginning of the season and as there was no unseasonal rainfall, the quality of maize being delivered is expected to be good, according to USGC Representative for India, Bangladesh and Sri Lanka Amit Sachdev.
Price of corn in Bihar is about Rs 11,750 per tonne and delivered in Gujarat at Rs 14,300 per tonne.
In Maharashtra, maize is priced at about the same level as Gujarat.
However, the prices have been down in the spot markets.

In Nizamabad, corn prices were down 0.55 per cent to Rs 14,340 per tonne, in Davangere down 0.34 per cent at Rs 14,700 tonne, in Karimnagar it was stable at Rs 14,600 per tonne, in Gulabbagh down 13.19 per cent at Rs 12,077 per tonne.

In the US though, after the drop in maize prices on Chicago Board of Trade (CBOT) as the planting intentions report came out, the market has realised that it may not be possible to plant so much corn, Sachdev said.
"There could be swings due to weather and also in areas where the crop season is relatively short," he added.

This realisation made the market move up and become stable.