Corn exports plummet as local prices surge on strong demand: Report
India’s corn exports have nearly come to a standstill since December, driven by a surge in local prices fuelled by increased demand from poultry and ethanol industries, as reported by Reuters.
Traditionally exporting between 250,000 to 300,000 metric tons of corn each month, India witnessed a sharp decline in December, with exports dwindling to around 30,000 tons, according to industry insiders mentioned in the report.
Typical buyers from India, including Bangladesh, Vietnam, Malaysia, Nepal, and Sri Lanka, have shifted their preferences towards South American countries, which offer corn at a considerable discount compared to Indian prices.
Nitin Gupta, Senior Vice President of Olam Agri India, said in the report: “India’s corn exports have nearly stopped,” attributing it to strong local demand for corn from poultry and ethanol manufacturers, which has effectively kept corn prices……
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