Yellow Maize Levitates On Fragile Sowing Progress Of Kharif Crop

The future prices of yellow maize augmented by almost 5% in last one week on the back of weak sowing progress of kharif crop along with strong offtake by feed millers.

As per latest report of Ministry of Agriculture, the total sowing acreage of maize as on 26th June 2010, reduced by 35% to 5.39 lakh hectares due to delayed monsoon in northern and central part of India. Maize is grown in the states of Andhra Pradesh, Karnataka, Rajasthan, Bihar, Maharashtra, Uttar Pradesh and Madhya Pradesh with total kharif production of around 15-16 million tonnes.

The spot prices of maize in all the major mandies were increased by almost Rs 40-45 per quintal in last one week as the total daily arrivals of maize have reduced to 50000-60000 bags in major states such as Bihar and Maharashtra. The spot prices of maize at Bihar and Maharashtra were quoted at Rs 890 and Rs 940 per quintal respectively.

Consequently, the future prices of July benchmark swelled by Rs 45 per quintal and were trading at Rs 1042 per quintal.