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  • Pre Session Commentary - Detailed News

USDA Expects Steady Corn Prices in Future On Weak Plantation
22-Jul-19   08:27 Hrs IST

The latest update of United States Department of Agriculture (USDA) has maintained Indian corn production for MY 2018/19 unchanged at 26.5 MMT on lower planting estimates and expected lower yield due to dry conditions in July/August 2018 in the major corn growing belt and incidence of new pest fall army worm (FAW).For MY 2019/20, production forecast is also unchanged at 27 MMT from 9.5 million hectares on expected lower yields based on the historical yields in recent past and expected impact of FAW.

Domestic prices escalated since the beginning of the MY 2018/19 with average prices during the three quarter (November 2018 to July 2019) more than 35 percent higher than the average prices during the corresponding period last year. Prices eased slightly in May/June with the harvest of rabi (winter) corn, but with the arrivals tapering prices have once again escalated in July to record levels (52 percent higher than last year) indicating a significant shortfall in domestic production in MY 2018/19 over last year.

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