The Hindu Business Line : Maize prices rule stable

Coimbatore, Feb. 18 Domestic maize prices have remained relatively stable this week at Rs 7,100-7,200 a tonne amidst sobering demand from poultry sector.

The market yard prices of maize are quoted higher in the Rs 7,400-7,500 bracket with reports indicating flow of material into the Bihar markets, said a US Grains Council India report quoting the current week market trend in corn.

The reduced demand for maize at present has put the average domestic price to remain lower by some five per cent than it was the same time last year, the report said adding that with the placement of chickens started in the eastern part of the country, the maize demand is expected to be felt in the coming weeks.

The report has also pointed to the prospects of India’s maize export to Pakistan as the latter government’s economic coordination committee giving formal approval for import of maize from India to meet that country’s needs. Currently, Pakistan is using wheat to feed its poultry and livestocks. Pakistan import of maize will be duty free and can be done through land route. In such a scenario, domestic market maize price will see further spurt.

Global cereal supply

The Food and Agricultural Organisation has projected the world cereal supply to remain tight during the current marketing year, amidst demand outstripping output growth and a thin global stock. The US Grain Council report has said the likely increase in the global cereal demand will be 2.6 per cent to 2.120 billion tonnes, about 1.6 per cent above the 10-year average during 2007-08. The high energy and feeds demand have led to a fall of 8.6 per cent in coarse grain stocks estimated at 156.1 million tonnes by the end of 2007-08 season against the previously expected 170.8 million tonnes.

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