Mumbai, June 24 (Commodities Control): Bihar maize prices continued to trade steady to firm today, supported by declining arrivals and robust domestic demand. The slow progress of the monsoon further bolstered market sentiments.
In Gulabbagh, maize prices were quoted up by INR 30 per quintal, ranging between INR 2,320 and INR 2,380 per quintal, with the best quality fetching INR 2,400 per quintal. Over the past 14-16 days, prices at Gulabbagh mandi have increased by INR 150-180 per quintal.
With most of the maize supplies already dispatched out of Bihar, the current active demand and diminishing supplies suggest that Bihar maize prices will likely remain firm in the near term. Kolkata buyers have increased their rates by INR 50 per quintal to INR 2,450 per quintal today, but many suppliers remain hesitant to sell at these rates. Supplies from Assam have ceased, and those from Bengal are nearing their end.
Continuous rainfall in Assam over the past two weeks has halted the expected local supply. In the Kolkata region, most buyers are struggling to meet their maize requirements. Freight costs from the Gulabbagh zone to Kolkata stand at INR 120 per quintal. Given the upward trend in Bihar maize prices, Kolkata buyers might need to increase prices shortly.
Ex-Gulabbagh prices for September 30 lifting (with a 20% margin money) are quoted between INR 2,525 and INR 2,550 per quintal.
Regional Market Insights:
- Bihar, Bengal, and Assam: With the majority of supplies already out of Bihar, and active demand combined with declining supplies, maize prices in Bihar, Bengal, and Assam are likely to remain steady to firm in the near term.
- Uttar Pradesh: Maize prices traded firmly today, supported by active stockists and slow arrivals due to recent rains. In Kasganj mandi, prices rose by INR 40 per quintal to INR 2,060-2,080 per quintal, with arrivals totaling 1,000 tons. Godown and rake prices increased by INR 40 per quintal to INR 2,240. Prices received support amid weaker-than-expected yields and active stockist activity.
Most sellers in Uttar Pradesh are reluctant to sell at current rates. Loading is primarily directed towards Maharashtra, where freight costs to Pune and Nasik have risen to INR 400 and INR 320 per quintal, respectively. The uptrend in Bihar maize prices and a weak stock position in Maharashtra support current market sentiments.
Currently, Uttar Pradesh maize is among the lowest priced in India, attracting active buying interest. Traders from Maharashtra have also arrived in UP, anticipating a price rise of INR 50-100 per quintal in the near term given the current market trends.
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