Maize prices in the country remained stable with a downward trend during last week due to subdued demand and end-users waiting for the new crop, according to the US Grains Council.
"India maize prices remain stable and on a downward trend as the end-users wait for the new crop and the demand is also subdued," Amit Sachdev, serving agriculture and livestock in India, Bangladesh and Sri Lanka for USGC, said.
He said the sowing is complete for maize and now it is wait and watch.
The monsoon has also entered the last phase and overall the rains have been just about normal and deficit at 3 per cent, he added.
However, in the corn belt there has been less rains with a possibility of productivity loss due to moisture stress, Sachdev added.
In the futures market September delivery (Rabi) was down by 0.61 per cent at Rs 13,000 per tonne, while October (Khariff) decline by 2.14 per cent at Rs 15,580 per tonne, November (Khariff) down 2.12 per cent at Rs 15,680 per tonne and December (Khariff) down 2.17 per cent at Rs 15,760 per tonne.
Spot prices also showed declining trend as prices in Jalgaon were same as the week before at Rs 14,500 tonne, Nizamabad down 2.02 per cent at Rs 15,462 per tonne, Davangere down 0,87 per cent at Rs 17,050 per tonne, Sangli down 4.19 per cent at Rs 16,000 per tonne and Gulabbagh down 0.12 per cent at Rs 13,300 per tonne.
Globally, prices were ruling stable in the US, where Hurricane Harvey created havoc in Texas, but it did not affect corn crop, he said.
However, in case there is a export demand, prices might move up, Sachdev added.
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