Commodity analysts expect the market to fall by another Rs 30-40 a quintal next week and added that the market should see some consolidation at these levels.
On the demand front, reports suggest that poultry industry and starch makers may not buy maize aggressively as they are assured of availability at least till mid October.
With the ban on exports and subdued domestic demand, the market is likely to tumble. The sowing of the new crop has already begun and fresh crop is expected to hit the market by mid of October.
The country produced 18 million tonnes of grains this year and this could go up to 20 million tonnes in the coming season. According to the US Grains Council report, the country exported around 2.6 million tonnes before the ban.
The July maize futures closed Rs 886 a quintal on the National Commodity and Derivatives Exchange last week, against the previous week's close of Rs 977, down 9.3 per cent.
