Current Market Developments:
- During this week, Maize prices in most of the spot markets have declined tracking subdued demand in spot markets. However, increased volume of exports and diversion of significant volumes of maize for production of bio-fuel could support prices from declining much. Maize prices were trading in the range of Rs 2150 per quintal to Rs 2450 per quintal in most of the spot markets across the country.
- Poultry feed industry and Starch manufacturers demand have remained subdued, normally poultry feed consumption demand declines during summer season as consumption of feed is less by birds.
- At the key Gulabbagh market in Purnea district Maize prices in the last few weeks continued to decline as supplies have increased due to good harvest in major growing belts. Currently, Maize prices have declined by 6 percent over previous week at Rs 2167 per quintal. Similarly, in other markets such as Nizamabad prices declined by 5 percent, at Delhi declined by 4 percent, at Chhindwara declined by 2 percent, Sangli by 2 percent and Erode also prices have declined by 4 percent.
- Higher availability due to higher production estimates has also kept pressure on prices. As per the Ministry of Agriculture advance estimates 2021-22 Maize production is estimated to increase by 2.43 percent at 32.42 million tonnes as compared to 31.65 million tonnes last year.
- India’s Maize exports have increased as output is estimated to decline in top producer United States and Ukraine resulting in higher exports from India. During April-February 2020-21, India exported 3.42 million tonnes of maize an increase of 30 percent over 2.64 million tonnes over last year.
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