Even as maize prices in the country continue to slide due to arrivals and slow buying, it is still ruling higher than international prices, the US Grains Council (USGC) has said.
"Maize prices continue to slide lower as arrivals from Karnataka continue to pound the market, the buying is slow and the decision over corn through PEC is still hanging, which is putting pressure on prices," USGC Representative for India, Bangladesh and Sri Lanka Amit Sachdev said.
The average spot prices are down by about 1 per cent in almost all locations and maize is now available at NCDEX delivery centres below Rs 15,500 per tonne.
Market yard prices are below Rs 15,000 per tonne and in some areas at Rs 14,700 per tonne.
In Nizamabad prices were down by 0.75 per cent at Rs 15,254 per tonne, in Davangere down 0.66 per cent at Rs 15,150 per tonne, Karimnagar down 2.17 per cent at Rs 15,000 per tonne, Sangli down 0.82 per cent at Rs 15,200 per tonne and Gulabbagh down 0.53 per cent at Rs 16,045 per tonne.
Sachdev said the poultry prices are better and there seems to be some operating profit now, when the prices of live chicken are close to Rs 85-90 per kg, but the other reason is also that the demand is higher now than the supply, which has been cut.
Egg prices too are better giving some respite to the farmers in general.
In the world market, corn prices were down, most in the US by over 2 per cent.
The US corn is now priced at USD 169-171 per tonne (US Gulf) and could be delivered to South East Asia region at USD 217 per tonne, compared to Indian maize which is priced at USD 219/ per tonne at the market yard and USD 227 per tonne at the NCDEX warehouse.
