Quantcast
Other Stories

Prices of Corn (maize) have gained by about 15 per cent in the last few weeks in the global markets.

04 Aug 2012

CHICAGO(Commodity Online): Prices of Corn (maize) have gained by about 15 per cent in the last few weeks in the global markets.

The worst drought in the last five decades in US has badly affected the corn plants which led to a rise in corn futures in the global market.

Corn for delivery in December was quoted at $8.042 a bushel on the Chicago Board of Trade on Friday. A research firm has cut the US crop to 9.86 billion bushels, 30 per cent lower than initial estimates.

The demand for Indian corn has gained form destinations such as South-East Asia, Far-Eastern nations and the Gulf.

Even if enquiries have not fully realised into contracts, the commodity has gained just on trade sentiments.

The India Meteorological Department forecasting a 15-per-cent-deficient monsoon, the market sentiment has received further boost. Though maize is less water-intensive crop compared to rice, the lower water storage level and poor soil moisture are causes for concern.


YOUR RESPONSE
Click on the image to reload it
Click to reload image
COMMENTS (0)

@2013 COMMODITYONLINE ALL RIGHTS RESERVED