Current Market Developments:
- Maize prices in the last couple of weeks have shown declining trend as buyers were reluctant to carry out their buying at higher rates. Demand from poultry industry and starch manufacturers have remained subdued in most of the domestic spot markets.
- New crop arrivals have begun in spot markets of Rajasthan. The fresh crop of maize arriving in the market contains high moisture contents in a range of 20-30 percent. New crop arrivals have also been reported from Uttar Pradesh and Maharashtra. Higher crop arrivals are expected from mid-October onwards which will further pressurise Maize prices.
- Prices were also pressurised by the higher Kharif maize production expectation in major maize growing states as acreage has increased significantly there and crop condition was also good. As per the Ministry of Agriculture, 01st advance crop production estimates Kharif Maize 2022-23 production is estimated higher by 2 percent at 23.10 million tonnes as compared to 22.63 million tonnes during 2021-22.
- Normal to excess monsoon rainfall in most of the states have resulted in higher acreage under kharif maize. The overall all India Kharif maize acreage has increased of 2.5 percent at 84.23 lakh hectares as compared to 82.17 lakh hectares same period last year. Higher acreage under Maize crop is reported in Karnataka by 2.39 percent, at Madhya Pradesh the acreage has increased by 6.68 percent, at Rajasthan acreage remained higher by 12 percent, and at Telangana the acreage remained higher by 15 percent over last year same period.
- Maize availability in domestic markets have remained on higher side as India’s Maize exports have also declined by more than 8 percent in the current season. During April-July 2022-23, maize exports declined to 11.63 lakh tonnes as compared to 12.72 lakh tonnes last year same period.
Maize (Corn) Price Movement Vs Seasonality at Key Markets
Progress Under Kharif Maize Acreage: Major States
Domestic Total Maize (Corn) Balance Sheet:
Global Maize (Corn) Balance Sheet:
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