Price of maize falls down by almost 11%

31 Oct 2022 , 09:29 AM

Due to favourable weather that sped up harvest and increased fresh crop arrivals, maize prices in Chhindwara, the benchmark market, fell by approximately 11% month to date and almost 9% week to week (WoW).

On October 27, after the market were closed for Diwali, the price of a quintal of maize in Chhindwara traded down by Rs150, to Rs2,100.

The price of maize may keep falling and would perhaps drop to Rs1,900 in the coming days, according to the report. Prices may trade weakly unless they were below the Rs2,239 trend reversal point.

The feed millers and traders were waiting for the new crop harvest to pick up speed and a price adjustment to the downside, so the demand from the poultry feed business remained hand-to-mouth for the past few months. They would therefore begin their buying activities in the upcoming days as a result of the price decline.

Farmers were able to carry out harvesting operations over the previous few days because the weather remained favourable. Additionally, the five-day prognosis is still favourable for harvest, which would result in more new crop arrivals on the market.

From October 1 to October 27, 2022, 297 KMT of new maize crops arrived in India, a decrease of 34.4% from the same time last year.

This year’s arrivals were pushed back because of the unusually heavy October rainfall. As a result, there would be an increase in new crop arrivals in November, which would put pressure on maize prices in the short to medium term.

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