New Delhi (PTI): India's maize exports are expected to fall by over 66 per cent to 10 lakh tonnes during 2008-09 marketing season due to poor demand in the global markets, the U.S. Grains Council has said.
"India's maize exports cannot be huge this year because of the downturn in the global market. It may maximum sell up to 10 lakh tonnes of maize in the overseas market," India-based representative of the U.S. Grains Council Amit Sachdev told PTI on Wednesday.
India exported a record 30 lakh tonnes of maize in 2007-08 season (October-September).
Besides, higher domestic prices made Indian maize uncompetitive in the global market, Mr. Sachdev said.
India has shipped about 2.5 lakh tonnes of maize in the first few months of the 2008-09 marketing year due to uncompetitive prices here, he said. The country exported about 15 lakh tonnes of maize in the year-ago period.
Maize prices had gained up to $220 per tonne on free-on-board in January, Mr. Sachdev added.
"Exports have not picked up so far due to higher prices. Due to an increase in minimum support price (MSP) for maize to Rs 840 a quintal this season, export prices ruled higher than MSP," a Nizamabad-based trader, Rajiv Puri, said.
The Centre raised MSP of maize by Rs 240 a quintal this year.
Source : The Hindu