Overview
India yellow maize FOB has settled in a narrow USD 268-275/MT band through April 2026 after three months of volatility. The Rabi 2025-26 maize harvest came in at 11.8 million tonnes — 7.2% above last year — yet ex-Kandla prices held firm because Vietnam and Bangladesh feed millers stepped up procurement following Brazil soft 2025-26 safrinha output. India exported 1.42 million tonnes of maize in the first ten months of FY26, with poultry-grade yellow corn making up 78% of the volume.
Demand Drivers
Vietnam imported 322,000 tonnes of Indian maize in March 2026 alone — a 41% jump year-on-year — as local feed mills diversified away from US and Argentine corn amid freight inflation. Bangladesh, dealing with a 9% poultry sector expansion, lifted 218,000 tonnes in Q1 2026. Malaysia and Nepal added another 95,000 tonnes combined. The aflatoxin compliance edge of Indian Rabi maize (typically below 20 ppb) versus Kharif (often 40-60 ppb) has reopened doors with quality-sensitive buyers in the Philippines.
Price Structure
Ex-Kandla yellow maize quoted USD 271/MT FOB on 14 May 2026 versus USD 264/MT a month earlier — a USD 7 premium driven by Vietnamese tender activity. Tuticorin parity trades USD 4-6 higher due to better Madhya Pradesh corridor logistics. Premiums of USD 8-12/MT apply for sub-15 ppb aflatoxin and sub-14% moisture cargo. Freight to Haiphong is firm at USD 28/MT in 25,000-tonne handysize lots.
Outlook
Prices are expected to remain rangebound at USD 265-280/MT through July before Kharif arrivals weigh on the market in September. The ethanol diversion programme — India is targeting 1,016 crore litres of ethanol blending in 2026 — will continue to keep domestic floor prices supportive. Exporters should book July-August windows now while Vietnamese mills are still covering shorts.
- Yellow maize FOB ex-Kandla stable at USD 268-275/MT through April 2026 despite 7.2% larger Rabi harvest.
- Vietnam lifted 322,000 MT in March alone — 41% YoY jump as buyers diversify from US/Argentine corn.
- Indian Rabi maize aflatoxin levels (sub-20 ppb) re-opening Philippines and Malaysia premium segments.
- Ethanol blending target of 1,016 crore litres providing strong domestic floor through Kharif arrivals.
| Origin | FOB USD/MT | Spec |
|---|---|---|
| Kandla, Gujarat | 271 | Aflatoxin under 20 ppb |
| Tuticorin, TN | 276 | Aflatoxin under 20 ppb |
| Vizag, AP | 269 | Standard grade |
| Mundra, Gujarat | 273 | Premium feed |
Indian Rabi maize is the cleanest origin available in Asia right now. We have switched 60% of our March-June book from South America to Kandla.
— Feed Procurement Head, Vietnamese Integrator
| 1121 Steam | $1,180 | up |
| 1121 Raw | $1,080 | up |
| Cumin (ASTA) | $3,200 | down |
| Yellow Maize | $248 | up |
| Apr 30 | APEDA Annual Renewal |
| May 15 | EU MRL Update — Spices & Millets |
| Jun 01 | New Crop Basmati — Pricing Season |
| Jun 10 | GCC Customs Update — Dubai Portal |
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| Market Updates | Cumin Seeds: Global Shortage Pushes FOB Prices to a 3-Year High | # |
| Regulatory | EU MRL Updates 2026: New Pesticide Residue Limits | # |