Maize prices declined by 1.4 per cent last week averaging at Rs 7,590 a tonne in the wholesale markets across the country on reports of rise in acreage, according to the US Grains Council. “Prices moved down by 1.4 per cent and averaged Rs 7,590 a tonne at the market yard,” US Grains Council India Representative Amit Sachdev said.
Maize prices are ruling 7.7 per cent higher against last year’s prices on reports suggesting an increase in the area under rabi maize by 2.15 per cent to 0.90 million hectares against last year’s 0.883 million hectare, he said. The land under maize also increased by 12.46 per cent as compared against five year’s average, he said. However, in the futures market maize moved up. January contract for maize closed up 3.25 per cent at Rs 8,260 a tonne, while March contract closed up to 4.62 per cent at Rs 8,370 a tonne.