The future prices of yellow maize plunged by almost 3-4% in last one week on the back of strong sowing progress of kharif crop along with weak offtake by feed millers.
As per latest report of Ministry of Agriculture, the total sowing acreage of maize as on 27th August 2010, increased by 5% to 73 lakh hectares due to steady monsoon in northern and central part of India.
The spot prices of maize in all the major mandies decreased by almost Rs 30-35 per quintal in last one week as the total daily arrivals of maize have increased to 10000-15000 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 September benchmark declined by Rs 30 per quintal and were trading at Rs 1038 per quintal.