Maize prices remained stable at Rs 7,900 per tonne during last week mainly on account of reports that the government is considering a
second package for the agriculture sector, including maize, according to the US Grains Council.
"There are reports that the government is considering a second package for the agriculture sector and provide a 10 per cent incentive for export of maize and soya-bean meal (SBM) from India," the US Grains Council India Representative Amit Sachdev said.
This incentive, he said, will be on free on board (FOB) prices and the export value of maize would still be higher for Indian corn even after a 10 per cent incentive, specially on bulk corn exports from the country.
Meanwhile, in the futures market maize prices slumped this week by about one per cent for December contract to Rs 8,040 per tonne. However, Godown prices of maize in Nizamabad, Davangere and Karimnagar remained flat at Rs 8,500-8,600 per tonne.
In the international markets, corn on Chicago Board of Trade (CBoT) bounced back and gained about 22 per cent to close at 141.48 dollars per tonne for December contract and added 21 per cent to the March contract, closing at 146.99 dollar per tonne.
US Department of Agriculture also released its monthly report, in which the corn production estimates remained unchanged, but the demand for corn from ethanol sector was seen lower at 7.62 million tonnes. In addition, the export projection have been decreased by 2.54 million tonnes.
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