Maize prices may rise over Rs1000/qtl even after ban
Maize prices, which are sliding at both spot and futures markets due to ban on the commodity's exports, are likely to recover soon and may cross Rs 1,000 per quintal level, traders said.
By PTI |
NEW DELHI: Maize prices, which are sliding at both spot and futures markets due to ban on the commodity's exports, are likely to recover soon and may cross Rs 1,000 per quintal level within a month on supply concern, traders said.
The impact on prices due to ban is a temporary phase and prices would rise again due to supply crunch of the commodity till September, they said. The Centre had announced ban on export of maize till October 15 to step up the domestic supply and in turn contain inflation which has risen to a double-digit level.
"The ban may help poultry and feed industry, but whether prices would moderate or rise further will entirely depend on the supply-demand situation in the next 10 days," an India-based representative of the US Grains Council, Amit Sachdeva told PTI.
As July-September being a lean period, the limited stock supplies would put pressure on prices till the ban period, he noted.
"The price fall would continue for next 2-3 days and they would, however, resume back to a bullish track to touch Rs 1,000 per quintal mark within a month," said Anil Kabra, another trader from Nizamabad said.
With the sudden ban on exports, maize prices are sliding since Thursday. Spot prices fell to Rs957 per quintal from Rs964 per quintal. While on NCDEX, most-active July delivery of maize dropped by almost 8 per cent to Rs894 per quintal.
The impact on prices due to ban is a temporary phase and prices would rise again due to supply crunch of the commodity till September, they said. The Centre had announced ban on export of maize till October 15 to step up the domestic supply and in turn contain inflation which has risen to a double-digit level.
"The ban may help poultry and feed industry, but whether prices would moderate or rise further will entirely depend on the supply-demand situation in the next 10 days," an India-based representative of the US Grains Council, Amit Sachdeva told PTI.
As July-September being a lean period, the limited stock supplies would put pressure on prices till the ban period, he noted.
"The price fall would continue for next 2-3 days and they would, however, resume back to a bullish track to touch Rs 1,000 per quintal mark within a month," said Anil Kabra, another trader from Nizamabad said.
With the sudden ban on exports, maize prices are sliding since Thursday. Spot prices fell to Rs957 per quintal from Rs964 per quintal. While on NCDEX, most-active July delivery of maize dropped by almost 8 per cent to Rs894 per quintal.
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