Maize prices in India remained stable during the last week due to availability of stock with the traders, according to US Grains Council.
"Corn prices in India have more or remained stable on spot basis. There is still some maize with stockists and with early maize planted in areas, which received good pre-monsoon rains, arrivals could start early in mid-September, which will help stabilise prices further," USGC Representative for India, Bangladesh and Sri Lanka Amit Sachdev said.
Spot prices in Nizamabad was down 0.82 per cent at Rs 17,251 per tonne, Davangere at Rs 17,900, Karimnagar down 0.37 per cent at Rs 17,600, Sangli up 1.08 per cent at Rs 18,800 and Gulabbagh up 1.05 per cent at Rs 15,664.
Current delivered prices of maize to Gujarat and Tamil Nadu still remained high ranging Rs 18,000-18,500 per tonne and it is difficult to pass this price increase to the consumers in the form of increased egg, meat and milk prices, Sachdev said.
Globally, Sachdev said, while there have been some speculation that the US corn crop could suffer due to dry weather, in reality it does not seem so and 76 per cent of crop is rated as good to excellent and 19 per cent as fair.
US farmers have planted 94.1 million acres of corn and it is expected that 86.6 million acres will be harvested, he added.
By a rough estimate if the productivity is 4.26 tonne per acre, the US corn production could be 369.53 million tonne, possibly the highest in history, he said.
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