Mumbai: The maize prices fell slightly by end of the week on expectations that soymeal and soyabean prices may slip. Last week, a few trading sessions witnessed bullishness in the market. Since the poultry industry is a major consumer of maize, accounting for over 80 per cent of the total production in the country, a downtrend in soymeal (substitute of maize for poultry industry) may impact the maize market. Because of the ban on maize exports, buying from exporters has also vanished.
Additionally, according to the experts, as monsoon progresses, the kharif crop of maize would be larger than last year's production and thereby its prices will sharply react to these developments. On the National Commodity and Derivatives Exchange, the near-month contract of the commodity traded firm and touched a high of Rs 1,062 a quintal. On the spot market, the prices came down by Rs 10-30 a quintal in the major markets of Nizamabad, Davangere and Ahmedabad as offtake from the maize user industry reduced.
Additionally, according to the experts, as monsoon progresses, the kharif crop of maize would be larger than last year's production and thereby its prices will sharply react to these developments. On the National Commodity and Derivatives Exchange, the near-month contract of the commodity traded firm and touched a high of Rs 1,062 a quintal. On the spot market, the prices came down by Rs 10-30 a quintal in the major markets of Nizamabad, Davangere and Ahmedabad as offtake from the maize user industry reduced.
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