Maize prices remain firm on quality issue: USGC

Even as maize harvest continues at rapid pace, inconsistent quality kept the prices firm last week, according to the US Grains Council.
"Maize harvest continues at a fast pace in Telanagana, Karnataka and arrivals are somewhat good, but the quality of the produce is inconsistent," USGC Representative for India, Bangladesh and Sri Lanka, Amit Sachdev said here.
He said the farmers in non-irrigated areas had experienced dry patches during the monsoon season, which severely affected the grain setting as the temperatures were high.
Post that, there have been damage to the crop due to excessive rains and farmers have complained of severe losses in corn belts of Telangana and Andhra Pradesh, he added.

The overall average productivity of 0.597 tonne per acre or 1.47 tonne per hectare of the surveyed area, he said.
He said, even as the price is higher than the Minimum Support Price (MSP) of Rs 13,650 per tonne, the cost of production in most cases has been much higher.

Prices on the futures (NCDEX) were up for the next four months.
The November delivery was up 1.77 per cent at Rs 13,810 per tonne, December up 2.51 per cent at Rs 13,910 per tonne, January 2017 up 3.24 per cent at Rs 14,010 per tonne and February 2017 up 3.98 per cent at Rs 14,110 per tonne.

Spot prices though moved lower than earlier week, but still remained higher than the MSP.
In Nizamabad prices were down by 0.47 per cent at Rs 14,581 per tonne, in Davangere down 10.20 per cent at Rs 15,625 per tonne, in Karimnagar down 6.98 per cent at Rs 14,650 per tonne, in Sangli down by 2.57 per cent at Rs 13,969 per tonne and in Gulabbagh down by 1.24 per cent at Rs 15,590 per tonne.
In the global market, 70 per cent of corn is harvested and the conditions remain favourable for a bountiful crop.
The prices moved up this week from harvest lows in earlier weeks primarily as exports have been good and the South America is facing issues with planting due to excessive rains.