Mumbai, Feb 5 (PTI) Domestic maize prices have been ruling steady since last week, ahead the arrival of new crop, says US Grains Council (USGC).
"Corn prices stayed stable and buying was slow as traders and end-users await the new Rabi crop, which will be harvested in March through May in parts of the Northeastern and Southern region," said Amit Sachdev, USGC India representative serving agriculture and livestock, today.
Spot price in the South (Erode in Tamil Nadu) was at Rs 13,720 per tonne and delivered to the feed mills at Rs 14,200 per tonne, he added.
The April futures for Rabi crop dropped 4.16 per cent to Rs 11,165 a tonne, while May futures declined by 1.41 per cent to Rs 11,150 a tonne, he added.
The overall area under maize for Rabi sowing is estimated at 1.67 million hectare, against 1.62 million hectare last year.
"It is also higher than the normal area (1.58 million hectare) under maize," he said, adding, "the maize crop is expected to be good this Rabi season, which is likely to put pressure on prices."
Meanwhile, American corn prices on the Chicago Board of Trade moved up this week on news of dry weather in Argentina that is likely to affect the overall crop, said Sachdev.
"The end-of-the-week rain did not hamper the market trend, which continued to move up," he said. PTI SM BEN BEN