Maize prices swirl up on fears of hurricane damage to crop

Our Bureau Chennai | Updated on March 12, 2018 Published on October 30, 2012

Fears of Hurricane Sandy damaging standing crops in the US besides demand for feed-grade corn from the South-East nations have turned around a losing streak in the crop.

Maize (corn) prices traded on a positive note today with the far month February contract topping Rs 1,428 a quintal, a 2 per cent rise.

Maize prices are rising in line with the rise in corn prices in the global market where futures are soaring over fears of Hurricane Sandy damaging standing crops, besides an increased demand for feed grade corn from the South-East nations such as China and Korea.

Corn gained, snapping the longest losing streak since March 2011, on signs that a slump in prices may have boosted demand for supplies from the US, the world's largest grower.

On the NCDEX, maize for November delivery rose 0.15 per cent to Rs 1,307, while the December and January series gained 0.9 per cent each to Rs 1,346 and Rs 1,389 respectively. In the Davangere spot market in Karnataka, maize was quoted unchanged at Rs 1,366.65 a quintal.

On the CBOT, the grain for December delivery advanced 0.4 per cent to $7.40 a bushel after declining for six straight days. Futures were at $7.38 by 2:15 p.m. Singapore time, trimming the monthly loss to 2.4 per cent.

Published on October 30, 2012
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