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Maize Prices Hold Steady Amidst Weather Woes and Declining Yields

28 Nov 2023 8:45 pm
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Maize prices have continued to trade steadily to firm across major centers, driven by a combination of weather-related issues and a slowly increasing domestic demand.

In Madhya Pradesh, the weather has been characterized by persistent rainfall, leading to a decline in maize arrivals in recent days. Farmers in the region are grappling with lower-than-expected yields and smaller grain sizes. The current grain count is reported to be in the range of 370-400, a significant increase from last year's count of 330-350. Big companies are actively purchasing maize in warehouses, with prices ranging from Rs 2175-2200 per quintal. Rack buyers are also participating, acquiring maize at slightly lower rates of Rs 2130-2150 per quintal.

Starch and feed manufacturers, along with poultry businesses, are maintaining a relatively active stance in purchasing maize. However, ethanol buyers are slowing down their acquisitions, expressing a preference for broken rice over maize at current rates.

In Bihar, maize prices are trading steadily at INR 2375-2380 per quintal. While buyers in the region remain relatively active, both poultry and ethanol buyers are showing a slight slowdown in activity, likely influenced by the higher rates.

Maize prices have seen an increase of INR 10-20 per quintal across major centers in Karnataka and Tamil Nadu. Karnataka's maize is now priced at INR 2360 per quintal, while Tamil Nadu's prices are ranging from INR 2460-70 per quintal.

Davangere, a major maize center in Karnataka, is experiencing a significant drop in daily arrivals, with only around 4000 quintals compared to the previous year's 10,000 quintals. Farmers estimate that approximately 70% of maize crops in the Davangere zone have been damaged due to deficient rains. The current yield is reported to be between 10-15 quintals per acre, a stark contrast to the 25-30 quintals per acre seen in years with favorable weather conditions. With weak Kharif supplies and uncertainties surrounding the Rabi maize crop due to deficient rains, the market anticipates continued pressure on maize prices. However, the steady increase in domestic demand is likely to support prices, keeping them steady to firm in the near term. The situation is being closely monitored by stakeholders in the maize industry.

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