Corn prices have fallen by up to Rs. 250 per 40kg across Punjab in a week amid new crop arrivals and the trend is expected till next year.
According to a well-informed source, corn prices are reported at as low as Rs. 2,000 per 40kg in Faisalabad, Sheikhupura, Gujranwala and Kasur, from the average price of Rs. 2,270-2,280 a week ago. Prices in Bahawalpur, Multan, and Sahiwal were reported at as low as 2,100 per 40kg, falling by Rs. 180 in a week.
Average corn prices in these cities stood at anywhere between Rs. 2,100 to Rs. 2,200. Corn prices have remained substantially low this year amid higher-than-expected production, humid weather lowering the quality and insignificant export volumes.
“The new crop has just started to arrive in the markets which means prices can fall more in the coming days and weeks. While the prices in Afghanistan are increasing, smugglers have been unable to find a way with recent crackdowns and enhanced law enforcement activity,” stated a market consultant while talking to ProPakistani.
He added that hoarders and investors are also moving to the new rice crop for stocking and that’s also contributing to reduced market activity as feed mills already have sufficient stocks.
Source: Pro Pakistani