Maize spot prices gained as crops were damaged in Andhra Pradesh
Maize spot prices gained around 3.96% in a week to trade near 2177 on reports crops over 3 lakh acres were damaged in Andhra Pradesh due to unseasonal rains and thunderstorms a week ago. Standing rabi crops that were ready for harvest were destroyed in several regions around the state. Farmers in coastal regions and Rayalaseema bore the wrath of unexpected rains, shattering their dreams of a healthy harvest in the following 10-15 days. Farmers growing maize also sustained significant losses. During the Rabi season, it was intended to plant maize on 4.97 lakh acres, however, actual cultivation took place on 5.90 lakh acres. The farmers are believed to have lost Rs 35,000 per acre.
Mexico’s maize output in marketing year (MY) 2023/24 is expected to be 27.4 million metric tonnes (MMT), unchanged from the previous year, due to sustained high agricultural input prices. Planting intentions data that are lower than expected explain somewhat lower rice and wheat output projections. Sorghum output is expected to stay stable due to constant demand from the feed and beverage industries. Mexico’s corn imports are expected to fall in MY 2022/23 as a result of a January 2023 Decree imposing export duties on white maize and a February 2023 Decree restricting the use of genetically modified (GE) corn in the tortilla business. Corn imports are expected to reach 17.9 MMT in MY 2023/24, a 3% rise over the previous year, due to increasing demand from the livestock and starch industries. Mexico’s corn imports, on the other hand, are expected to fall to 17.4 MMT in MY 2022/23.
The government’s Crop Estimates Committee (CEC) predicts that South African farmers will harvest 1% more maize in 2022/2023 than in the previous season. The CEC forecasted a 15.615 million-tonne harvest in 2023, up from 15.470 million last season. The harvest will consist of 8.187 million tonnes of white maize for human consumption and 7.428 million tonnes of yellow maize for animal feed.
