NEW DELHI, May 13: Maize prices fell by almost three per cent to Rs 10,960 per tonne during the last week on increased arrivals in the wholesale markets and expectations of higher production in the US, a report said.
“Maize prices moved lower in India by 2.9 per cent on pan India average to Rs 10,960 per tonne at the market yard – open sale. Prices were however higher than last year by 1.8 per cent,” US Grain Council (USGC) said in a statement.
The prices were down considerably following global cues as well and India’s production in rabi (April-May harvest), which is reaching the markets now and putting pressure on the prices, it added.
India is expected to harvest 21.33 million tonnes of maize in the 2011-12 crop year (July-June) as against 21.73 million tonnes in the year-ago period.
According to the latest World Agricultural Supply and Demand Estimates (WASDE) report, corn production in the US in 2012-13 is estimated at 375.68 million tonnes, up 20 per cent due to increase in land area and also the productivity of 4.21 tonne per acre, the USGC report said.
World corn production is pegged at 945.8 million tonnes, 8.65 per cent higher than last year and the world ending stocks are projected to be at 152.3 million tonnes, up 19.42 per cent against last year (2011-12), it added.
However, the USGC report said that maize is still the choice for the feed industry in India due to low prices.
“With such prices, maize is still the grain of choice for the animal feed industry for making available energy in the rations. Oil prices and oil meal prices are way high, making feed an expensive commodity for poultry and other livestock,” it noted.
As summer sets in, fodder is also not available and dairy farmers will more or less depend only on feed and dry fodder to fulfil the needs of the animals, USGC said.
Expect in Uttar Pradesh, where prices showed an upward trend by 1.36 per cent to Rs 12,195 per tonne, prices in all production and consumption centres were reported to be lower than last week, the report said.
Maize prices in Andhra Pradesh were down by 1.78 per cent to Rs 10,477 per tonne, Gujarat were down by 5.05 per cent to Rs 11,556 per tonne, Karnataka down by 0.64 per cent to Rs 10,741 per tonne and Madhya Pradesh down by 1.26 per cent to Rs 10,952 per tonne, it said.
The prices in Rajasthan were down by 4.19 per cent to Rs 11,452 per MT, Maharashtra down by 1.67 per cent to Rs 10,850 per tonne and in Tamil Nadu they were down by 0.82 per cent to Rs 11,427 per tonne, it added. (PTI)
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