Corn prices in the country declined during last week with the average rates ranging between Rs 13,300-15,500 per tonne as arrivals begun, according to the US Grains Council (USGC).
In India, maize arrivals have started in Maharashtra, Bihar, Karnataka, Andhra Pradesh and Telanagna and the average prices range between Rs 13,300-15,500 per tonne, USGC Representative for India, Bangladesh and Sri Lanka, Amit Sachdev said.
He said while in Karnataka the arrivals are progressing well in some markets, in other locations arrivals have just begun.
Spot prices in key markets have declined and in Nizamabad it was down by 0.45 per cent to Rs 14,420 per tonne, in Davangere down by 0.84 per cent to Rs 14,750 per tonne, in Karimnagar down 0.34 per cent at Rs 14,900 per tonne and in Gulabbagh down 12.17 per cent at Rs 13,912 per tonne.
However, in Sangli prices were up by 0.13 per cent at Rs 14,900 per tonne.
In the international market, even as the prices are ruling low according to the USDA planting intention report farmers are expected to plant corn in 93.6 million hectare in 2016, up 6 per cent from last year.
With prices of corn being low, the high corn planting was a surprise and from now on it will be more of a weather market and a lot will deepen on how much corn actually gets planted and if there will be any shift soybeans, Sachdev said.
On the The Chicago Board of Trade (CBOT), corn prices were down by over 4 per cent as the US planting report was out.
