Maize prices weakened during the last week after the government's demonetisation move, which also resulted in slowdown in arrivals as large value notes were not available for cash transactions at the market yards across the country, according to the US Grains Council (USGC).
"In India, post November 8 demonetisation move, the maize arrivals seem to have come down, but at the same time, prices have also come down and large denomination currency was not available for cash transactions at the market yards across the country," USGC Representative for India, Bangladesh and Sri Lanka Amit Sachdev said.
He said the situation is likely to ease within a month, but there could be delay in sowing as the farmers may not be able to get required cash on time.
Meanwhile, the spot prices of corn were a mixed bag, down in Nizamabad by 0.12 per cent and also in Karimnagar by 2.24 per cent, respectively at Rs 14,383 per tonne and Rs 14,200 tonne, but moved up in other locations.
In Davangere, prices were up by 2.42 per cent at Rs 15,875 per tonne, in Sangli up 3.57 per cent at Rs 14,500 per tonne and in Gulabbagh it was stable at Rs 15,610 per tonne.
The future prices closed lower only for November delivery by 1.48 per cent at Rs 13,950 per tonne and were higher for all other contracts.
December contract was up 1.22 per cent at Rs 14,050 tonne, January up 1.48 per cent at Rs 14,370 per tonne, February up 2.07 per cent at Rs 14,330 per tonne and March up 1.49 per cent at Rs 14,330 per tonne.
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