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India maize prices gain on improved demand
Wholesale price of good quality maize in Bihar’s Purnea, a key market, rose 5-10 rupees 1,320 rupees per 100 kg. Good demand from starch and poultry industry along with less availability of good-quality crop in the wholesale markets supported prices. Stocks of good quality maize in Bihar the largest producer of maize in the rabi season are dwindling, because most was exported to Bangladesh in Apr-May.
Wheat prices are likely to be confined to a narrow range
Wheat prices are likely to be confined to a narrow range in the coming days as the government has huge inventory of the food grain in its central pool. The government had 40.9 mln tn of wheat inventory in its central pool as on Aug 1, higher from 30.1 mln tn on the same day last year. The government has also raised its estimate for wheat output in 2017-18 (Jul-Jun) to a record high 99.70 mln tn from 98.61 mln tn earlier.