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Maize (corn) prices continued to zoom North with the September futures topping Rs 1,600 a quintal on Tuesday.
Maize prices are rising in line with the rise in corn prices in the global market where futures are soaring on fears that the crop in the US, the largest producer, will be badly affected this year. The worst drought in the US in five decades is taking its toll on corn, wheat and soyabean, though the impact on the latter two crops is expected to be a little mild. Maize for September delivery increased to Rs 1,610 a quintal towards close of trade, up half a per cent from Monday.
However, the October and November contracts dropped by over 1 per cent, taking cues from the Chicago Board of Trade futures, where prices fell on profit booking.
Corn prices on CBOT had increased due to concerns in the wake of the drought in the MidWest, the corn growing belt of the US.
NCDEX August maize was at Rs 1,568, down Re 1 from the previous close, while the October contract was down Rs 10 at Rs 1,565. In the spot market at Davengere in Karnataka, maize was quoted at Rs 1,395 a quintal.
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