Mumbai, March 7, 2024 (Commoditiescontrol):Maize prices remained rangebound, with adequate supplies currently satisfying demand. Buyers are cautious about the new crop, limiting upward price pressure. However, limited stock and dwindling kharif arrivals offer some support.
In North Maharashtra, spot mandi maize prices stand at INR 2200-2225/quintal, while new maize (18-19% moisture) is quoted at INR 2100. Buyers are fulfilling immediate needs but are hesitant to make large purchases.
New maize arrivals are expected to increase post-holiday, potentially leading to a modest price rise of INR 30-50/quintal. Further increases are unlikely due to buyers accessing stockist supplies and addressing only immediate needs.
Ethanol buyers in UP are inactive above the INR 2500 range, and starch manufacturers are also reluctant at higher rates due to weaker export prospects. Currently, only the poultry sector shows consistent maize demand.
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