Maize prices may ease from August on global supply
Maize ruled slightly firm by 1.9 per cent in the market yards across the country during the last week at Rs 13,350 per tonne compared to the previous week following delay in arrivals of winter crop, according to the US Grains Council.
“Corn prices on pan India average at market yard level moved up by 1.9 per cent to Rs 13,350 per tonne last week, as the rabi crop in Bihar is delayed,” USGC India Representative Amir Sachdev said.
In Andhra Pradesh, maize prices were up by 1.56 per cent to Rs 13,350 per tonne, Gujarat 1.36 per cent to Rs 14,178 per tonne, Rajasthan 2.88 per cent to Rs 13,847 per tonne and Uttar Pradesh 2.47 per cent to Rs 14,030 per tonne.
However, in Karnataka maize was down by 0.41 per cent at Rs 13,207 per tonne, Maharashtra 1.03 per cent at Rs 12,879 per tonne, Tamil Nadu 3.27 per cent at Rs 13,782 per tonne and in Madhya Pradesh it was stable at Rs 12,704 per tonne.
On NCDEX, the future prices remain bullish, while the spot prices continue their downward trend. In the US, he said, the week started with an upward rally and prices reached a high of $288.56 per tonne on Thursday, and finally sliding downward at settling at $285.88 per tonne for May contract, up 1.42 per cent against the previous week’s close.
As the market moved upward, cash sales were higher as farmers liquidated stocks held by them at farm. There is also a discussion that farmers could plant over 97 million acres of corn, he said.
International Grains Council in its report on March 21, has estimated that the US corn crop output in 2013-14 could increase by 30 per cent on year-on-year basis, if normal weather continues. Due to this, the report said, the stocks are projected to recover to an eight-year high in 2013-14 from the 16-year low in 2012-13.
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