Corn in India firms up on supply crunch, rise in demand: USGC

Mumbai, Aug 30 (PTI) Maize prices in India began to moveup in the last week due to supply crunch and increase indemand in some pockets, according to US Grains Council (USGC). "Prices seem to move up as the supply crunch is being feltand demand atlas in some pockets is being seen," USGCRepresentative for India, Bangladesh and Sri Lanka, AmitSachdev said here. In Nizamabad, maize prices firmed up by 3.69 per cent toRs 17,608 per tonne, in Davangere 3.74 per cent to Rs 18,050per tonne, Karimnagar 1.29 per cent to Rs 17,766 per tonne andSangli prices moved up 0.89 per cent to Rs 18,700 per tonne. However, in Gulabbagh prices were down by 0.12 per cent atRs 15,522 per tonne. These prices are for packed material at NCDEX warehouse,Sachdev added. Market prices, he said, may vary based on the quality ofthe material and will be for loose material. Futures price for September delivery were down by 0.53 percent to Rs 14,970 per tonne, October up 0.85 per cent at Rs14,300 per tonne, November up 1.99 per cent at Rs 13,830 pertonne, December up 2.58 per cent at Rs 13,890 per tonne. In India, he said, maize has been planted in close to 8.2million hectares and end users expect a large crop, startingSeptember-October. "There are some maize belts in Madhya Pradesh, UttarPradesh, parts of Bihar where flood waters might affect thecrop, but it is too early to tell," he added. Overall, as per the India Meteorological Department (IMD)report, the deficiency of rains fall for the period June 1 –August 28, 2016 is 3 per cent, and there are areas inTelangana, Andhra Pradesh and Karnataka were there is dryness. It is too early to forecast the yields and the production,he said. Globally, maize prices have started to show a down trendduring last week with the largest corn crop expected in thehistory of US, with record yields. About 75 per cent of the corn crop is in good to excellentcondition, he added. PTI SM ARSABKRDS