Maize prices rallied on a positive note on Monday. They gained 2 per cent on poor kharif crop arrivals and good industrial demand. A rise in wheat prices also aided the trend.
On the NCDEX, maize for November delivery was up 2.1 per cent at Rs 1,398 a quintal, while the December and January contracts were up 2 per cent each at Rs 1,420 and Rs 1,455.
“Corn was stable and moved up on a pan-India average to Rs 12,229 a tonne, up 1.4 per cent against last week. The prices were, however, higher than last year by 16.9 per cent,” according to a trade source.
In contrast, spot prices went down and at Davangere (Karnataka) maize was quoted at Rs 1,381.25 a quintal.
Globally, also there was no major change in corn prices as the market was waiting for the decision on ethanol waiver, which was not granted.