Maize Outlook, February 2024

Maize Outlook – February 2024

Maize or corn (Zea mays) is cultivated globally being one of the most important cereal
crops worldwide. The USDA has raised Ukraine's corn production forecast due to higher
anticipated yields. The production is now estimated to be at 28 million MT. However, despite
facing logistical and supply chain challenges, exports remain unchanged at 19.50 million MT.
Ukraine is projected to begin the 2023-24 period with stocks of 1.41 million MT, and ending
stocks have been increased by 0.54 million MT to reach 4.43 million MT.
Table 1: World Corn Projections (in million metric tonnes)
2021/22 2022-23 2023-24
(Estimated) (Forecast) (Projected)
Opening Stocks 279 286.5 274.6
Production 1224.8 1164.7 1222.9
Imports 180.1 179.7 173.4
Total Availability 1503.9 1451.2 1497.5
Food 137.5 133.9 134.5
Feed 723.3 701.3 726.1
Industrial 308.5 303.2 309.4
Others 48 38.3 42.7
Total Consumption 1217.3 1176.6 1212.7
Exports 180.1 179.7 173.4
Ending Stocks 286.5 274.6 284.8
Source: International Grains Council
Table 2: Domestic Balance Sheet (in MMT)
2021-22 2022-23 2023-24
(Estimated) (Forecast) (Projected)

Opening Stocks 17.48 18.89 19.79

Production 33.62 33.73 38.08
Imports 0.29 0.01 0.01
Total Supply 51.39 52.63 57.88
Export 3.4 3.34 1.28
Domestic Consumption 29.1 29.5 29.6
Total Demand 32.5 32.84 30.88
Ending Stocks 18.89 19.79 27.00
Source: www.agriwatch.com
In India, Yasangi (Rabi) maize has been sown in around 23.07 lakh hectares (57.02 lakh
acres) as on 2nd February 2024 which is higher than 22.61 lakh hectares (55.89 lakh acres)
covered during corresponding period of last year. Major maize growing states are Bihar 7.92 lakh
ha 19.57 lakh acres), Maharastra 3.37 lakh ha (8.34 lakh acres), Tamil Nadu 2.20 lakh ha (5.45
lakh acres), Telangana 2.07 lakh ha (5.14 lakh acres), West Bengal 2 lakh ha (4.96 lakh acres) and
Gujarat 1.15 lakh ha (2.85 lakh acres). According to the first advance estimates 2023-24,
Government of India Maize crop is estimated at 224.82 lakh tonnes as compared to 236.74 lakh

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 Maize Outlook, February 2024
tonnes in 2022-23. As per the 1st advance estimates 2023-24, the leading states in maize
production are Madhya Pradesh (53.54 lakh tonnes) followed by Karnataka 45.47 lakh tonnes ,
Rajasthan 20.40 lakh tonnes, Uttar Pradesh 17.89 lakh tonnes, Tamil Nadu 17.35 lakh
tonnes, Maharastra 13.58 lakh tonnes and Telangana 9.95 lakh tonnes.

Table 3: State wise area under maize in India

2022-23 2023-24
State Lakh % to total Lakh % to total
Lakh ha Lakh ha
acres area acres area
Bihar 6.357 15.71 28.10 7.92 19.57 34.32
Maharashtra 3.882 9.59 17.16 3.376 8.34 14.63
Tamil Nadu 1.954 4.83 8.64 2.205 5.45 9.56
Telangana 2.207 5.45 9.76 2.079 5.14 9.01
West Bengal 1.68 4.15 7.43 2.006 4.96 8.69
Andhra Pradesh 1.82 4.50 8.05 1.17 2.89 5.07
Gujarat 1.056 2.61 4.67 1.154 2.85 5.00
Chhattisgarh 1.14 2.82 5.04 1.13 2.79 4.90
Others 2.52 6.23 11.15 2.04 5.03 8.82
CENTRAL LEVEL 22.619 55.89 100.00 23.076 57.02 100.00
Source: http://agricoop.nic.in

Table 4: District wise area under maize in Telangana State

2022-23 2023-24
Districts % to total % to total
Ha Acres Ha Acres
area area
Nirmal 34876 86180 15.80 33149 81913 15.94
Warangal (Rural) 25191 62,248 11.41 32438 80157 15.60
Khammam 32819 81,098 14.87 21099 52137 10.15
Mahabubabad 12558 31032 5.69 16860 41662 8.11
Warangal (Urban) 17511 43,270 7.93 16203 40038 7.79
Kamareddy 13179 32,565 5.97 13983 34553 6.73
Others 12751 31509 5.78 74175 183291 35.68
TELANGANA 220728 5,45,429 100.00 207908 513751 100.00
Source: www.agri.telangana.gov.in
During Yasangi (Rabi) in Telangana, it has been sown in 2.08 lakh hectares (5.14 lakh
acres) as on 31st January 2024 which is lower than 2.21 lakh hectares (5.45 lakh acres) covered
during corresponding period of last year. The major growing districts are Nirmal 0.33 lakh ha
(0.81 lakh acres), Warangal (Rural) 0.32 lakh ha (0.80 lakh acres), Khammam 0.21 lakh ha (0.52
lakh acres), Kamareddy 0.13 lakh ha (0.34 lakh acres) and Mahabubabad 0.16 lakh ha (0.41lakh
acres). According to 1st Advance Estimates of Production of Food grains for 2023-24, Maize
production estimate was 9.95 lakh tonnes in Telangana State.

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 Maize Outlook, February 2024

Table 5: State wise Wholesale Prices Monthly Analysis for Maize during January 2024
% Change % Change
Prices Prices Prices
(Over (Over
State January, December, January,
Previous Previous
2024 2023 2023
Month) Year)
Andhra Pradesh 2076 2059 2034 0.83 2.06
Chhattisgarh 1996 1981 2006 0.76 -0.5
Gujarat 2381 2353 2366 1.19 0.63
Haryana 2371 2100 2250 12.9 5.38
Karnataka 2204 2184 2163 0.92 1.9
Madhya Pradesh 2047 2007 2086 1.99 -1.87
Maharashtra 2166 2114 2097 2.46 3.29
Odisha 2141 1963 1715 9.07 24.84
Rajasthan 2263 2182 2152 3.71 5.16
Tamil Nadu 2200 2169 2167 1.43 1.52
Telangana 2193 2253 2167 -2.66 1.2
Uttar Pradesh 2139 2119 2196 0.94 -2.6
Uttrakhand 2451 2280 2023 7.5 21.16
Average 2202.15 2265.27 2231.38
Source: https://agmarknet.gov.in

Prices are expected to remain steady to firm due to robust demand from industrial users
coupled with reduced availability and increased ethanol prices in the market. India's corn supplies
stressed due to robust domestic demand, despite being a significant corn exporter in Asia,
particularly to Southeast Asia, India's shipments have declined due to increased local
consumption.

Corn balance sheet in India is currently very tight. Since December, corn exportsfrom
India have nearly come to a halt due to higher local prices driven by strong demand from the
poultry and ethanol industry, making the country's shipments comparatively more expensive than
those from competitors. To meet domestic demand of poultry, starch and now ethanol, Indian
corn production needs to increase at least 6-8% per annum, which is around 1.5 to 2 million MT
per year considering an average yield of around 3 MT per hectare.

In Gulabbagh, Bihar weekly average price slightly decreased to Rs. 2,400 per quintal
compared to the previous week price of Rs. 2,420 per quintal amid steady demand. In Sangli,
Maharashtra market price increased slightly at Rs. 2,462 per quintal compared to previous week
price of Rs. 2,450 per quintal.

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 Maize Outlook, February 2024

Table 6: Maize arrivals and prices in Badepally Market for the Month of January 2024
Arrival Minimum price Maximum price Modal price
Date
(Quintals) (Rs/quintal) (Rs/quintal) (Rs/quintal)
2 20 2,237 2,267 2,267
3 9 2,257 2,257 2,257
4 74 2,100 2,260 2,260
5 20 2,170 2,170 2,170
6 41 2,260 2,279 2,271
8 64 2,283 2,291 2,283
9 34 2,246 2,278 2,278
10 42 2,287 2,287 2,287
12 79 2,160 2,295 2,160
13 29 2,180 2,301 2,180
18 34 2,259 2,301 2,301
20 68 1,943 1,943 1,943
24 4 2,312 2,312 2,312
25 64 2,336 2,336 2,336
27 42 2,341 2,343 2,343
29 57 2,010 2,365 2,025
30 15 1921 1921 1921
31 20 2377 2377 2377
Source: http://tsmarketing.in/

Maize Price Outlook

Under these circumstances, Agricultural Market Intelligence Centre, PJTSAU expects that
Maize may trade in price range of Rs. 2090 - 2390 quintal during the month of February, 2024.

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