The Hindu Business Line : Maize prices rule firm on heavy buying

Coimbatore, Jan. 7 Maize prices increased in various markets across the country on heavy buying last week. The average price touched Rs 7,000 per tonne, a rise of two per cent over the previous week.

Covering stocks

According to reports, the price surge is on account of heavy buying from end-users who looked eager to cover stocks for the coming months.

According to the US Grains Council’s India reports, export enquiries for Indian maize continued to remain strong in recent weeks.

Despite a record coverage for the rabi season(March 2008 harvest), prices are expected to remain firm this time, the report added.

Ban sought

The soaring price trend has already led to several end-user associations such as the All-India Starch Manufacturers Association, CLFMA of India, National Egg Co-ordination Committee (NECC), Broiler Co-ordination Committee, approaching the Central government seeking either a ban/regulation of maize exports with the support of the State Trading Corporation.

Coarse grains

On the other hand, other coarser grains such as the pearl millet and sorghum sobered down a bit price-wise. While millet prices dipped to Rs 6,600 per tonne, one per cent less than last week’s quote, sorghum was quoting at Rs 9,250 a tonne at market yard, some nine per cent lower than last week price, the report added.