Will the maize market get support from exports?

After the initial pressure during the early phase of the kharif maize season, the market had received some support from higher exports. However, a decline in international maize prices reduced the competitiveness of Indian maize, leading to a drop in export demand. As a result, the market gradually started slipping again by the end of December, and the downward trend continued through January. On Tuesday, maize markets in Bihar and central India remained under heavy pressure, with prices falling by ₹20 to ₹30 per quintal. At Gulabbagh Mandi, maize prices declined by ₹20 to ₹2,070 per quintal. Prices were reported at ₹2,250 in Delhi, ₹1,855 in Chhindwara, ₹1,770 at Tirupati Starch Plant (Indore), and ₹1,750 in Rajkot. In Itarsi Mandi of Madhya Pradesh, maize prices also came under pressure, falling by ₹30–40 to around ₹1,600 per quintal. The mandi recorded a heavy arrival of nearly 7,000 to 8,000 bags yesterday. Currently, ample stocks are available in the market, while demand remains quite limited. This imbalance is keeping prices under continuous pressure. Stockholders are gradually losing patience and releasing their stocks into the market, further intensifying selling pressure. Demand from the industrial sector and ethanol producers is also weak at present, and exports are failing to provide any support. Consequently, the maize market appears to be moving once again toward its lower price levels. In eastern India, buyer activity was very weak yesterday, and in some areas, purchasing was almost at a standstill. According to Mandi Market Media, unless there is a substantial improvement in export demand or domestic consumption, a price recovery in maize is unlikely. Overall, maize prices in Bihar and other states are expected to remain in a stable-to-weak range in the coming days, with the possibility of further minor corrections. From a longer-term perspective, market conditions may begin to change by the last week of March, but that turnaround is still some time away.

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