Maize prices remain firm, up by 2-8% in spot markets: USGC

Corn prices in the country continued to remain firm and have been up by 2-8 per cent during last week in different markets, according to a US Grains Council (USGC).
"India corn prices continue upward swing. In the past one week, prices have been up by 2-8 per cent in different markets," USGC Representative for India, Bangladesh and Sri Lanka, Amit Sachdev said.
Firm prices are due to widening of monsoon deficiency, as 25 per cent sowing is yet to begin in many pockets, which could mean a long wait for the new corn, he added.
Strong demand by poultry industry as the chicken and egg prices are good could also be another reason behind the firm prices, he said.

In Nizamabad prices were up by 2.06 per cent to Rs 16,185 per tonne, in Davangere, they were up by 3.98 per cent to Rs 17,225 per tonne.
In Sangli, prices were up 0.57 per cent to Rs 17,600 per tonne and in Gulabbagh , it were up 8.11 per cent to Rs 14,478 per tonne.

In the three week period, beginning from May 27, prices in Gulabbagh have gone up by 10.39 per cent, followed by Davangere, up by 7.99 per cent.
Future prices of maize too continued to move up from 4-7 per cent.
June contract was up by 6.59 per cent to Rs 15,200 per tonne, July up 4.89 per cent to Rs 15,440 per tonne, August up 4.57 per cent to Rs 15,800 per tonne and September delivery up by 4.37 per cent at Rs 16,010 per tonne.

Uttar Pradesh corn, which was at Rs 13,400 per tonne at the beginning of the season, are now at Rs 14,000 per tonne.