Prices of maize fell in second week of March across key spot markets due to weak demand from poultry feed makers, traders said.
Arrivals in Nashik were pegged steady at 1,000-1,200 bags (1 bag = 100 kg), local traders said. In Nizamabad, arrivals were largely unchanged at 2,000-2,100 bags, local trader AmrutlalKataria said.
“Demand for maize from the poultry sector has declined, as consumption of poultry products has taken a hit after the spread of coronavirus,” NiketChheda, director of P.V. Sons Corn Milling Co, said.
Bulk demand is seen subdued in the coming days as most buyers are awaiting fresh rabi crop to hit the markets in early April, the traders said.
Recent imports of nearly 120,000 tn maize from Myanmar are also seen hitting demand for the domestic crop, an official with a multi-national company said.
Prices of mill-quality wheat in Jaipur, a key spot market, fell sharply today due to a rise in arrivals of the food grain, traders said.
Arrivals in most markets of Rajasthan rose as stockists are offloading old crop before the new one hits markets, Kota-based trader Aniket Mehta said.
In Indore, prices were steady due to thin trade on account of Holi, local trader N.K. Agarwal said.
Traders expect prices to fall to 1,700 rupees per 100 kg in a month after the fresh crop starts hitting markets of Uttar Pradesh and Rajasthan. An expected record harvest of wheat in the crop year that ends in June is also seen putting pressure on the prices, they said.
According to the government’s second advanced estimate, 2019-20 (Jul-Jun) wheat output is seen at 106.2 mlntn against an estimate of 103.6 mlntn in 2018-19.
Wheat arrivals across Uttar Pradesh, Punjab, Haryana, and Rajasthan are likely to hit markets over two weeks later than usual as recent rainfall is seen delaying harvest of the standing crops, an official with the Directorate of Wheat Development said.
In Jaipur, a key spot market, prices of bajra also fell due to a decline in demand from feed makers, traders said.
Following are prices of wheat, maize, and bajra in rupees per 100 kg, in key wholesale markets as on 9thMarch and the change from the previous day:
Source: cogenics
