Price of maize rose across key spot markets due to a robust demand from feed manufacturers and persistent tapering of arrivals.
Prices have been firming up on aggressive buying by feed manufacturers even at a current record prices as they anticipate acute shortage of maize until the new rabi crop starts arriving in late-March.
In Davangere, maize arrivals were pegged at 800-900 bags (1 bag = 100 kg). In Nizamabad, arrivals were steady at 300-350 bags.
The numbers are almost the half of what it was a fortnight ago.
The concern over low supply was aggravated on report that recent rains and hailstorm in Telangana had caused heavy damage to mature kharif crop.
Uncertainty over the government’s permission to allow maize imports also supported prices.
Indore, the prices of cottonseed oil remained strong with soybean refined oil in the local edible oil market.
Oilseeds from 3900 to 4000 riyada 3650 to 3700 soybean 3750 to Rs 3800 per quintal.
Tellungfli oil Indore 970 to 990, soyabean refined Indore 778 to 780, soybean salvant 745 to 750, Soybean output in Madhya Pradesh is seen rising 35.3% to 7.20 mln tn during 2018-19 (Jul-Jun), according to the second advanced estimate.