MUMBAI, Mar 1: Maize prices have inched higher to rule at Rs 13,000 per tonne on pan-India basis even though there are no major buying, according to US Grains Council.
“In India corn prices have been increasing, even though there is no major buying, just sporadic by the poultry and the starch sector. Average prices moved up to Rs 13,000 per tonne on pan India basis and prices in Andhra Pradesh, Karnataka, Rajasthan and Telangana all moving upward,” USGC India Representative Amit Sachdev said in a report here.
As per the second estimates, India is expected to produce 22.97 million tonnes of maize, which is 1.29 million tonnes (5.3 per cent) lower than last year production, the report said.
Khariff production is estimated at 16.46 million tonnes and Rabi at 6.51 million tonnes, as area under Maharashtra, Andhra and Karnataka have declined.
Andhra Pradesh’s average at Rs 12,710 per tonne, Karnataka Rs 11,900 per tonne, Rajasthan at Rs 13,200 per tonne and Telangana at Rs 12,200 per tonne.
“Everyone seems to be waiting for the Bihar crop, which is expected to be good,” Sachdev said.
Spot prices in Gulabbagh were down by 6.68 per cent to Rs 13,567 per tonne, in Nizamabad up by 0.35 per cent to Rs 12,565 per tonne, Davangere up by 3.70 per cent to Rs 12,600 per tonne, Karimnagar up by 0.52 per cent to Rs 12,933 per tonne and Sangli up by 0.76 per cent to Rs 13,300 per tonne.
(All spot prices are at NCDEX delivery centres and are for Future prices on NCDEX are also up, March contract up 1.29 per cent to Rs 12,560 per tonne, April up 1.57 per cent to Rs 11,680 per tonne, May up 2.79 per cent to Rs 11,590 per tonne and June stable at Rs 11,600 per tonne.
Globally, corn prices in the US remain range-bound, no major change.
It said, farmers are expected to bring in corn to market gradually, as prices remain stable. (AGENCIES)
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