At the moment, there are notable fluctuations in the corn market. Corn prices in the Vihar region of Bihar increased by 32% in three days, only to decline shortly after by $0,90 per quintal. Due to growing market supply, market analysts anticipate a further drop of $2,40 per quintal in the near future.
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Price Constraints and Competitive Drawbacks
In the regions of Darbhanga and Gulab Bagh, the amount of fresh corn has increased by 32%, stabilizing prices at $25,50 to $25,80 per quintal. This is comparable to rates in Punjab and Haryana, which range from $29,10 to $29,40 per quintal. Notably, industries favor Bihar's corn due to its higher starch content and hybrid quality, which negatively impacts the demand for Madhya Pradesh and Rajasthan corn.
The high cost of other cereal commodities, such as wheat, may keep prices from falling below $23,40 this season, despite rumors that they may drop as low as $22,80 per quintal in Khagaria.
Market and Inventory Forecasts
Within the next 15 days, it is anticipated that the current corn stocks in Madhya Pradesh and Rajasthan will clear out. In the meantime, the producer markets in Bihar are expected to see a doubling of the supply of corn, which could result in a drop in prices from the current $25,80 per quintal to $23,40 by the end of the month.
Production Perspectives and Prospects
This Kharif season saw 22.7 million metric tonnes of corn produced, with a sizable portion already sold. In comparison to the previous year, traders and farmers predict an extra 0.6 million metric tonnes of Rabi corn from Bihar. Market players in Haryana and Punjab are bracing for possible sales below $26,40 per quintal due to current stocks and upcoming harvests. The stability of maize prices in major producing states will be decided in the upcoming weeks, so they are very important.
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