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Maize firms up as estimates confirm lower output: USGC

Sun, Nov 8 09:50 AM

New Delhi, Nov 8 (PTI) Maize prices firmed up by one per cent during last week from the week-ago period to reach Rs 9,300 per tonne as first estimates by the government for the Kharif season confirmed fears of lower production, according to US Grains Council. "Corn moved up again last week by one per cent to reach Rs 9,300 per tonne.

Prices are higher than last year by 12.2 per cent," US Grains Council India Representative Amit Sachdev said. As per the first advance estimates for Kharif crop of 2009-10, maize production is expected at 12.61 million tonnes, down 9.28 per cent from last years 13.90 million tonnes.

The target for 2009-10 Kharif crop was fixed at 15.50 million tonnes, possibly the reason for the prices moving up, Sachdev said. As per the estimates, the overall loss of production for coarse cereals, including maize, jowar, bajra, ragi and small millets, are about 5.58 million tonnes, which is 19.69 per cent lower than last years 28.34 million tonnes.

Maize prices were stable in Andhra Pradesh, rose in Rajasthan by 10 per cent to Rs 10,950 per tonne and Tamil Nadu by 4.5 per cent to Rs 8,900 per tonne. The prices fell in Gujarat by 3.8 per cent to Rs 10,040 per tonne and in Uttar Pradesh by 2.2 per cent to Rs 9,600 per tonne.

In the futures market of NCDEX maize prices have risen 2-4 per cent. In the spot market as well, maize moved up marginally in Nizamabad by 0.6 per cent to Rs 9,281 per tonne, in Karimnagar by 0.8 per cent at Rs 8,840 per tonne and in Davangere by 2.6 per cent at Rs 8,816 per tonne.

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