Current Market Developments:
- Maize prices in the last couple of weeks shows steady increase as there has been heavy monsoon showers over various parts of Maharashtra, Madhya Pradesh and Gujarat rising concerns about the sown Kharif crop.
- In spot markets of Gulabbagh, Nizamabad, Chhindwara and Erode Maize prices has increased by 2.72 percent, 3.03 percent, 4.62 percent and 1.13 percent respectively in the last one week.
- The domestic consumption demand from poultry industry and starch manufacturers have remained weak. The current market sentiments have remained steady. Also, there has been a steady supply in spot markets keeping sufficient availability.
- In the coming days higher availability is likely to remain in spot markets as the Ministry of Agriculture, in its 04th Crop Production Advance Estimates has estimated all time high Maize 2021-22 production with an increase of 6.22 percent at 33.62 million tonnes over last years production of 31.65 million tonnes.
- The current Monsoon rainfall witnessed in major Maize growing states have remained normal to excess resulting in higher crop acreage. The current Kharif season maize crop scenario has turned positive with higher acreage of 5 percent at 78.64 lakh hectares as against the normal seasonal acreage of 74.68 lakh hectares. Higher acreage under Maize crop is reported as compared to last year in Karnataka at (13.48 lakh hect Vs 12.84 lakh hect), at Madhya Pradesh (15.60 lakh hect Vs 15.58 lakh hect), at Rajasthan (9.42 lakh hect Vs 8.30 lakh hect) and at Maharashtra (8.55 lakh hect Vs 8.34 lakh hect).
- India’s Maize exports have declined by 4 percent during the current financial year resulting in higher availability in domestic markets. During April-June 2022-23, India exported 8.73 lakh tonnes of maize as compared to 9.07 lakh tonnes last year same period.
Maize (Corn) Price Movement Vs Seasonality at Key Markets
Domestic Maize (Corn) Balance Sheet:
Global Maize (Corn) Balance Sheet:
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