Maize (Corn) Market Update
31-Dec-2024 10:09 AM
Maize (Corn) Market Update
Increased Sowing and Production: Maize sowing and production are expected to rise during the Kharif (monsoon) season. The Rabi (winter) season is also seeing more maize sowing compared to last year.
2023-24 Maize Production: Maize production for 2023-24 was recorded at 35.67 million tons.
Ethanol Demand Supporting Prices: The growing use of maize in ethanol production has provided price support, keeping prices elevated for an extended period.
Imports to Meet Demand: Despite significant imports from countries like Myanmar and Ukraine to meet domestic demand, maize prices remain high.
Strong Demand in 2023: Last summer season, there was a strong demand for maize in Bihar, and good demand was also seen in Maharashtra, Karnataka, and Madhya Pradesh.
Ethanol Production: In the 2023-24 season, 5.5 million tons of maize were used for ethanol production.
Future Demand: To meet consumption needs in 2024-25, around 42-43 million tons of maize will be required. Currently, maize production is around 35 million tons.
Government Policy on Ethanol Blending: The government has allowed the use of not only maize but also sugar and rice for ethanol blending to meet the blending targets.
Price Outlook: According to I Grain India, maize prices are expected to continue rising in the future due to sustained demand for both consumption and ethanol production.