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India's coarse cereals, especially maize(corn), is likely to rule the domestic markets in 2012-13 Marketing Year as the production is estimated to drop drastically on lower rainfalls.

24 Jul 2012

NEW DELHI (Commodity Online): India's coarse cereals, especially maize(corn), is likely to rule the domestic markets in 2012-13 Marketing Year as the production is estimated to drop drastically on lower rainfalls.

India's maize prices in National Commodity and Derivative Exchange (NCDEX) for September delivery traded up to Rs 1600 per qtl on Tuesday.

The demand from the poultry industry has increased rapidly and it has pushed the prices upwards.

Meanwhile, the price of the commodity in Indian exchanges also rose on tracking the global situations. The production in the major producing areas of US, the largest exporter of corn in the world, has dropped drastically due to drought weather.

According to Ashish Bahuguna, Agriculture Secretary, India, deficient rains will have some impact on productivity and production in kharif and the major worry is over coarse cereals.

In Chicago Board of Trade (CBOT), corn for September delivery traded at 800 2/8 cents per bushels.

And in NCDEX, maize for August delivery traded at Rs 1571 per qtl on 23rd July.


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