In the wake of global maize prices ruling lower than the Indian minimum support price (MSP), international buyers are unlikely to come to purchase commodity from India. According to the source, global buyers are expected to buy one million tonnes from India, not even half of last year's volume. Mandi price of maize in India was ruling at Rs 840 levels, which was MSP fixed by the government, while global rates at Chicago Board of Trade as on October 16, were at Rs 737 a quintal free on board.
In July this year, India had prohibited export of maize for four months till October 15, to contain inflation which was hovering at double-digit level. After the expiry, the government has not extended the ban. Last year, there was a record export of over 3 million tonnes and India remained the most preferred destination for maize buying. Projecting on price trend in the coming days, Sheth said domestic maize rates would hover between Rs 840 and Rs 875 a quintal. It is unlikely to cross Rs 900 a quintal level.
In July this year, India had prohibited export of maize for four months till October 15, to contain inflation which was hovering at double-digit level. After the expiry, the government has not extended the ban. Last year, there was a record export of over 3 million tonnes and India remained the most preferred destination for maize buying. Projecting on price trend in the coming days, Sheth said domestic maize rates would hover between Rs 840 and Rs 875 a quintal. It is unlikely to cross Rs 900 a quintal level.
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