MUMBAI, Apr 6: Maize prices continued to decline on the futures as well as spot centres last week by an average 1.2 per cent to Rs 13,174 tonne, mainly due to lower demand, according to the US Grains Council.
“Corn continued to tumble as there is lower demand from poultry due to lower price realisation. On all India average prices have moved lower last week by 1.2 per cent to Rs 13,174 per tonne,” USGC India Representative Amit Sachdev said.
Prices were reported to be down in Andhra Pradesh by 1.39 per cent to Rs 12,572 per tonne, in Gujarat by 5 per cent to Rs 12,804 per tonne, Rajasthan 2.96 per cent to Rs 13,600 per tonne and Uttar Pradesh 0.31 per cent to Rs 14,197 per tonne.
However, prices were reported to be marginally up in Karnataka by 0.11 per cent at Rs 12,014 per tonne, Madhya Pradesh by 0.34 per cent at Rs 12,014, Maharashtra 0.40 per cent at Rs 13,283 per tonne and Tamil Nadu 1.59 per cent at Rs 13,404 per tonne.
In the futures (NCDEX) maize April contract was down by 2.98 per cent to Rs 11,380 per tonne, May by 1.60 per cent to Rs 11,670 per tonne and July down 1.05 per cent to Rs 12,290 per tonne.
Spot prices were down in Karimnagar by 0.16 per cent at Rs 12,780 per tonne and in Gulabbagh by 0.78 per cent at Rs 13,720 per tonne.
There is anticipation of a large crop, which is leading to lower prices, Sachdev added.
However, maize prices were reported up in Nizamabad by 1.89 per cent to Rs 12,657 per tonne, Davangere 0.39 per cent to Rs 12,800 per tonne and Sangli 0.44 per cent to Rs 12,850 per tonne.
Meanwhile, maize prices moved up in the US on higher domestic and international demand. (PTI)
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