India corn prices show marginal increase

India corn prices were almost stable during the last week with a slight upward tilt at INR9,223 (US$202.50) per quintal against the week-ago period as the market is waiting to take direction after the arrival of the rabi crop (spring harvest).

"Corn prices were up slightly by 0.7% last week at INR9,223 per tonne," US Grains Council India Representative Amit Sachdev said. The prices were higher by 12.7% in the same period last year.

Meanwhile, prices at some major production centres dipped slightly last week. In Andhra Pradesh they lost 0.16% to INR8,520 (US$187) per tonne, in Karnataka 1.70% to INR8,315 (US$182) per tonne, in Rajasthan 0.22% to INR9,761 (US$214) per tonne and in Tamil Nadu 1.63% to INR8,484 (US$186) per tonne.

At some other locations prices went up, like in Gujarat by 0.49% to INR10,010 (US$220) per tonne, in Maharashtra by 0.15% to INR8,490 (US$186) per tonne and in Uttar Pradesh by 1.60% to INR9,830 (US$216) per tonne.

"Even as availability has increased in many places on expectations of a better rabi crop, traders are waiting for the market to take a direction," he added.