Maize rises on weak spot arrivals

Maize rises on weak spot arrivals, prices of maize increased in domestic markets, while wheat and rice traded largely unchanged from the previous day of trade.

Maize prices rose in the key market Bengaluru owing to lower arrivals amid upbeat demand from southern states. In Bengaluru, maize was sold at 2,480-2,500 rupees per 100 kg, up 50 rupees from Previous close.

A smaller maize crops this rabi season also supported prices. Pest attacks and weather vagaries in major producing regions have taken a toll on the yield and output of maize. Rabi maize production in India in 2018-19 (Jul-Jun) is estimated at 7.58mmt, down from 8.47mmt a year ago, according to the second advance estimate by the farm ministry.

Taking cues from the spot markets, the rabi maize contract on the National Commodity and Derivatives Exchange was traded at 1,912 rupees per 100 kg, up 7 rupees.