Delayed harvest keeps corn prices high: USGC

Unseasonal rains and hailstorms have delayed harvesting of maize crops in producing states like Bihar, keeping the prices of existing stocks at high level, according to the US Grains Council (USGC).
"Rains lashed parts of northwest India, Uttar Pradesh and onward to Bihar, delaying the maize harvest and keeping the prices up. There are no reports of damage but there is anxiety about arrivals. The prices of stocks available in Bihar are ranging between Rs 13,500-14,000 per tonne, which is high," USGC India Representative Amit Sachdev said in a report.
He noted that the prices would remain firm this month.

"As stocks will arrive in the first week of May, the prices may show a declining trend after that. Also, exports may not be feasible as world prices are likely to remain low," the report said.
The futures prices of the cereal grain moved up mostly on reports of delayed harvest.
However, spot prices in some markets were down.

These included Nizamabad (down 0.47% to Rs 12,683 per tonne), Davangere (2.17% to Rs 13,500 per tonne) Karimnagar (down 0.77% to Rs 12,900 per tonne, while in Sangli, Maharashtra, the rate was stable at Rs 13,800 per tonne.
In the US, the corn prices moved lower on higher stock level. Global corn ending stocks for the 2014-2015 marketing year are projected to be at 185.3 million tonne, highest since 1999-2000, when the stocks were at 194.4 million tonne.

USGC develops export markets for US barley, corn, grain sorghum and related products.