New Delhi, March 19 (CommoditiesControl): Maize prices continued to trade in a steady to weak fashion across major centers today, with buyers adopting a cautious stance in anticipation of the new crop. Stockists liquidating their stocks have kept supplies relatively abundant in the market.
The commencement of small new maize arrivals in Telangana and Andhra Pradesh has exerted pressure on sentiments in Southern India. In the North, buyers in Uttar Pradesh and Bihar remained hesitant to purchase at higher rates in anticipation of the new Bihar crop.
In Amalner Mandi, new maize prices saw a decline of INR 20 per quintal, settling at INR 1950-2080. The increasing influx of new maize arrivals was evident, with approximately 300 tons observed in the mandi today.
Given the steady pace of new maize arrivals, significant price hikes in maize are expected to be challenging in the near term. Bulk arrivals are anticipated to develop over the next week.
In Karnataka, maize traded almost steadily at INR 2300-2350 per quintal, albeit with a negative bias due to small new arrivals from Telangana and Andhra Pradesh. Buyers have not been very active in purchasing, anticipating a pickup in new crop supplies after a week.
Meanwhile, maize prices in Bihar traded nearly steadily at INR 2400-2430 per quintal today. Sentiments received support from unfavorable weather conditions in the Bihar region. However, bulk buyers refrained from making large purchases, while stockists adopted a wait-and-watch approach amidst developing adverse weather. Farmers have not been very active in harvesting, with increased activity expected post-Holi.
Some disturbances in Bihar's weather were observed today, with the weather department forecasting rains in the coming days for Bihar. If heavy rains and unfavorable weather delay the new crop, we may witness some improvement in Bihar maize prices in the near term.
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