Maize Prices Continue to Trade Steady to Firm Across Major Centers

New Delhi, May 24 (Commoditiescontrol): Maize prices maintained a steady to firm trend across major centers in India today, driven by the firmness in Bihar maize prices. The overall sentiment in the maize market is also being bolstered by the uptrend in other commodities such as wheat, barley, mustard, cotton oil cake, and Bajra.

Gulabbagh mandi quoted maize prices at INR 2180-2200 per quintal, supported by active stocking and rack loading. The availability of maize supply from Bihar is currently lower than expected, contributing to the rise in prices. In Sangli, maize prices increased by INR 50 per quintal to INR 2600-2625 per quintal, marking an increase of INR 135 per quintal over the last eight days.

The supply scenario in Bihar is weak due to unfavorable weather conditions and substantial active stocking. As a result, many local godowns and rack loaders are not receiving maize supplies as per their requirements. The weather forecast for Bihar and Uttar Pradesh remains unfavorable, exacerbating the supply issues.

Given the current supply constraints, the possibility of default or settlement for rakes currently procuring in Bihar has increased. Buyers may need to look to other sources to fulfill their pending quantities, which is likely to further push maize prices up in the near term.

In the South, states like Tamil Nadu and Andhra Pradesh were considering imports to meet their demand; however, import prices have also increased. Imported maize prices at Tuticorin port rose to INR 2500 per quintal, an increase of about INR 120 per quintal over the past couple of weeks. Additionally, there are no active sellers from Myanmar at present.

In Andhra Pradesh and Karnataka, maize prices traded up by INR 30 per quintal, reaching INR 2580-2600 per quintal. Good quality maize in Chhindwara traded at INR 2500-2550 per quintal ex-warehouse.

Given the current market conditions, a significant decline in maize prices seems unlikely in the near future. The combined factors of limited supply, increased demand, and unfavorable weather conditions are expected to keep maize prices elevated.