The Hindu Business Line : Maize fell by 3.6% on lower demand: US Grains Council

NEW DELHI: Maize prices fell by 3.6 per cent last week to average at Rs 8,778 per tonne due to lack of demand and declining global prices, according to the US Grains Council.

“Corn moved lower by 3.6 per cent at the market yard on an average to Rs 8,778 per tonne. Prices remained higher than last year by 1.9 per cent,” the US Grains Council India Representative Mr Amit Sachdev said.

There is no demand for maize either for export or for local consumption, and the prices in the US have fallen, which in turn is leading to decrease in prices in the domestic market, Mr Sachdev said.

In Andhra Pradesh and Karnataka prices are lower by 2.3 per cent and 1.44 per cent at Rs 8,300 and Rs 8,400 respectively. However, in Gujarat, Maharashtra, Rajasthan and Tamil Nadu prices are up by 9 per cent, 1.7 per cent, 1.2 per cent and 3.3 per cent at Rs 8,950, Rs 9,200, Rs 10,000 and Rs 8,800 respectively.

In the futures prices fell for August, September and October contracts to Rs 9,360, Rs 9,310 and Rs 8,720 per tonne on account of good monsoon rain. In Nizamabad and Karimnagar prices remained stable at Rs 9,245 and Rs 8,924 per MT, respectively.

On the Chicago Board of Trade (CBoT) corn remained stable due to higher availability. - PTI

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