China, Indonesia, and Vietnam are turning to 100% broken rice for feeding animals as the maize prices are continually increasing due to the high demand from South, East-East, and West Asian buyers.
According to the managing director of a Kolkata-based export company, there is a high demand for maize in many countries such as Vietnam, Bangladesh, and Indonesia.
However, these countries are unable to meet their demands as there is a limited production of maize and the prices are rapidly increasing due to this.
The export of maize has been slowed down as a result of soaring prices and the ongoing conflict between Russia and Ukraine.
Unable to fulfilling their maize needs, the maize buyers from Indonesia are slowly turning towards the broken rice.
Only small immediate orders that can be transported in containers are being accepted by the exporters.
Maize is now being shipped from Kandla in Gujarat to Oman and other Gulf countries that are concerned about maintaining the quality of feed.
The fact that the Kharif crop is nearly exhausted is a significant cause for the rise in national maize prices.
Corn is presently cited at Rs. 2,200-500 per quintal, compared to the minimum support price of Rs.1,870.
Maize demands have risen as the resources from Ukraine, which accounts for 16% of world trade, have been slashed off, with shipments from the Black Sea halting completely ever since Russian troops decided to enter eastern Ukraine on February 24.
As per the International Grains Council (IGC), Argentina quoted $329 per tonne of maize last weekend, whereas Brazil quoted $364 and the United States quoted $363 free onboard.
The Chicago Board of Trade is currently trading benchmark corn futures at $7.44 per bushel ($292.83 per tonne).
