 "Corn prices in India firms up on supply crunch, rise in demand: USGC")
Maize prices in India began to move up in the last week due to supply crunch and increase in demand in some pockets, according to US Grains Council (USGC).
"Prices seem to move up as the supply crunch is being felt and demand atlas in some pockets is being seen," USGC Representative for India, Bangladesh and Sri Lanka, Amit Sachdev said here.
In Nizamabad, maize prices firmed up by 3.69 per cent to Rs 17,608 per tonne, in Davangere 3.74 per cent to Rs 18,050 per tonne, Karimnagar 1.29 per cent to Rs 17,766 per tonne and Sangli prices moved up 0.89 per cent to Rs 18,700 per tonne.
These prices are for packed material at NCDEX warehouse, Sachdev added.
Market prices, he said, may vary based on the quality of the material and will be for loose material.
Futures price for September delivery were down by 0.53 per cent to Rs 14,970 per tonne, October up 0.85 per cent at Rs 14,300 per tonne, November up 1.99 per cent at Rs 13,830 per tonne, December up 2.58 per cent at Rs 13,890 per tonne.
In India, he said, maize has been planted in close to 8.2 million hectares and end users expect a large crop, starting September-October.
"There are some maize belts in Madhya Pradesh, Uttar Pradesh, parts of Bihar where flood waters might affect the crop, but it is too early to tell," he added.
Overall, as per the India Meteorological Department (IMD) report, the deficiency of rains fall for the period June 1 - August 28, 2016 is 3 per cent, and there are areas in Telangana, Andhra Pradesh and Karnataka were there is dryness.
It is too early to forecast the yields and the production, he said.
Globally, maize prices have started to show a down trend during last week with the largest corn crop expected in the history of US, with record yields.
About 75 per cent of the corn crop is in good to excellent condition, he added.
"Prices seem to move up as the supply crunch is being felt and demand atlas in some pockets is being seen," USGC Representative for India, Bangladesh and Sri Lanka, Amit Sachdev said here.
In Nizamabad, maize prices firmed up by 3.69 per cent to Rs 17,608 per tonne, in Davangere 3.74 per cent to Rs 18,050 per tonne, Karimnagar 1.29 per cent to Rs 17,766 per tonne and Sangli prices moved up 0.89 per cent to Rs 18,700 per tonne.
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However, in Gulabbagh prices were down by 0.12 per cent at Rs 15,522 per tonne.
These prices are for packed material at NCDEX warehouse, Sachdev added.
Market prices, he said, may vary based on the quality of the material and will be for loose material.
Futures price for September delivery were down by 0.53 per cent to Rs 14,970 per tonne, October up 0.85 per cent at Rs 14,300 per tonne, November up 1.99 per cent at Rs 13,830 per tonne, December up 2.58 per cent at Rs 13,890 per tonne.
In India, he said, maize has been planted in close to 8.2 million hectares and end users expect a large crop, starting September-October.
"There are some maize belts in Madhya Pradesh, Uttar Pradesh, parts of Bihar where flood waters might affect the crop, but it is too early to tell," he added.
Overall, as per the India Meteorological Department (IMD) report, the deficiency of rains fall for the period June 1 - August 28, 2016 is 3 per cent, and there are areas in Telangana, Andhra Pradesh and Karnataka were there is dryness.
It is too early to forecast the yields and the production, he said.
Globally, maize prices have started to show a down trend during last week with the largest corn crop expected in the history of US, with record yields.
About 75 per cent of the corn crop is in good to excellent condition, he added.