Maize prices stabilise on arrivals from Karnataka: USGC

Maize prices have stabilised in last two weeks as arrivals from Karnataka have started and sowing in Bihar is progressing well, US Grains Council (USGC) said today.
"For the last two weeks, maize prices in India have stabilised, and in fact against last week, prices have been down in future as well as spot markets," USGC Representative for India, Bangladesh and Sri Lanka, Amit Sachdev said.
The stability in maize prices is due to beginning of arrivals in Karnataka and sowing of the crop in Bihar, he said, adding that the moisture levels in the crop remain high at 17-18 per cent in most cases.

In the last two weeks, there have been reports on imports of maize into India for the starch poultry sector, which could be another reason for the prices moving lower, Sachdev said.
On NCDEX, December maize contract was down by 1.17 per cent at Rs 15,220, January contract was lower by 2.17 per cent at Rs 15,360 per tonne, February down 2.21 per cent at Rs 15,520 per tonne and March at Rs 15,240 per tonne, a decline of 4.99 per cent.
Similarly, spot prices were down at Nizamabad by 0.32 per cent at Rs 15,695 per tonne, Davangere (down 0.10 per cent at Rs 15,600 per tonne), Karimnagar (down 0.85 per cent at Rs 15,566 per tonne) and Sangli (down 1.57 per cent at Rs 15,700 per tonne).

However, prices were slightly up by 0.09 per cent in Gulabbagh at Rs 16,178 per tonne.

On the global front, corn prices in the US were lower this week, primarily due to the USDA report, which made changes in the domestic corn balance sheet.
The exports are cut to 44.45 million tonnes and corn use in ethanol increased to 132.08 million tonnes.
The US stocks are now estimated at 45.339 million tonnes while worldwide stocks are pegged at 211.9 million tonnes, probably the highest, and shall keep global prices depressed, Sachdev added.