Corn prices make small price gain, rising 0.13% to $385.50

By Temitayo Ayetoto

Corn prices made a slow start in early trading today rising 0.13% to $385.50.

The commodity which has remained flat at $385.0000 for some days managed a little pace up at $385.50 in about 10 hours, the global trading chart indicated.

With trading volume at 60,854, the price continued to dangle as trading continued midday in the US.

Out of an estimated 785 million tons of global maize output, Africa churns out a meagre 6.5 percent with Nigeria being the largest African producer and South Africa second.

While the growth is well distributed over the country, five states including Niger, Kaduna, Taraba, Plateau, and Adamawa have been the highest producers.

Most of the maize produced in Nigeria are however consumed in the country. Commodities analysts say there are opportunities for Nigeria in the global market if it can only embark on practices that could help it to produce more than it needs domestically and export the surplus.

Worldwide the United States is ranked the largest producer with an estimation of about 42 percent of the world’s production of maize.