Current Market Developments
- Since last couple of weeks Maize prices in most of the spot markets have remained subdued as buying demand from poultry feed manufacturers have declined against steady supplies.
- Traders and stockiest demand have also remained on lower side. Prices are also pressurised by the arrivals of fresh crop.
- The fresh crop of maize arriving in the market of Karnataka, Maharashtra, and Madhya Pradesh contains higher moisture levels.
- In coming days Maize prices would get some good support as consumption demand from feed industry increases during winters and the government has also fixed higher MSP (Minimum Support Price) by 6.5 percent at Rs. 2090 per quintal for the current 2023-24 season as compared to last year’s Rs. 1962 per quintal.
- Currently domestic availability is also supported by a decline in exports during 2022-23. The Maize exports during 2022-23 (April-July) have declined by 9 percent at 10.54 lakh tonne as compared to 11.63 lakh tonne in the corresponding period 2021-22 (April-July).
- As per the Ministry of Agriculture, 03rd advance crop production estimates the overall Maize production 2022-23 estimated higher by 6.4 percent at 35.91 million tonnes (record) as compared to 33.73 million tonnes during 2021-22.
- This year also due to normal to excess rainfall in maize growing states the kharif season production scenario has brightened, and the current crop conditions is reported favourable so far. Maize acreage under Kharif season has remained on higher side in Madhya Pradesh, Karnataka, Maharashtra, and Uttar Pradesh.
Maize (Corn) Price Movement Vs Seasonality at Key Markets
Kharif Season 2023 Maize Acreage: MAJOR STATES
Domestic Maize Balance Sheet:
Global Maize Balance Sheet:
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