Are You A Maize Farmer? You May Want To Explore The Indian Market
If you are maize farmer, you might want to consider exporting your produce to India this year.
Reuters reports that the South Asian country is likely to import up to 1 million tonnes of corn this year as lower production and growing domestic poultry consumption boosts demand for overseas purchases.
Changes in climatic condition, including an armyworm infestation which devastated African corn crops in 2017, have slashed India’s corn output and boosted prices, increasing the chances the government will grant duty-free corn imports for the first time since 2016.
“India is expected to buy anything between 500,000 tonnes and 1 million tonnes as local crop is lower,” said a trader told Reuters while on the sidelines of a grain industry conference in Singapore.
“It will be mainly Ukrainian corn as India imports only non-genetically modified corn.”
The traders did not want to be quoted as they were not authorised to speak to media.
A third trader said imports are expected to total around 300,000 to 400,000 tonnes.
The shift to imports in the world’s seventh-largest corn producer, which typically exports to Asia, highlights the breadth of the crop losses due to the drought and armyworm.
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