Maize prices projected to be steady

World maize production in 2016-17 was seen at a record 1.03 billion tonne, up from a previous projection of 1.017 billion tonne and the prior season’s 969 million tonne. The US, the world’s top maize producer, was projected to harvest a crop of 379 million tonne. India is set to produce 19.1 million tonne of maize in 2016-17 as against 15.2 million tonne last year.

This is mainly because the area under kharif maize (2016-17) saw a jump to 84.26 lakh ha. There is a bearish trend in the global maize market due to over production in key maize growing countries led by US.

Given the global scenario which hints a surplus production this year and assuming the normal kharif maize area, the Agricultural Market Intelligence Centre projected the prices of maize at kharif harvest period of 2017-18, using the modal prices of Nizamabad market.

The results of the analysis and the present market sentiments together showed that the price per quintal of maize in October, 2017 would be around Rs.1350 to Rs.1450.