New Delhi, June 14 (Commodities Control): Maize prices traded almost steady across major centers in Uttar Pradesh (UP) today, as lower buying levels offset the pressure from increasing new maize arrivals. Lower-than-expected yields in UP and a weak supply scenario in Bihar continue to support the prices.
Around 1,500 tons of new maize arrived today, with prices quoted steady at INR 2060-2080 per quintal. Godown delivery and rack buyers are quoting INR 2200 per quintal, and stockists have turned active.
The new UP maize crop yields appear quite weak, with crops damaged by a severe heatwave. The number of grains in cobs has decreased significantly, leading to weaker supply pressure than expected.
In Pune and Nasik, line buyers quoted INR 2600 and INR 2500 per quintal, respectively, for local maize, and INR 20-40 less per quintal for UP maize. The local Maharashtra supply is significantly weak, forcing buyers to shift more to UP supply. Given the weaker yields, UP supplies are unlikely to be available at lower rates, which suggests Maharashtra maize prices will likely remain firm in the medium term.
Gulabbagh prices increased by INR 30-40 per quintal to INR 2230-2260 as Bihar arrivals have reduced. Already, 430 rakes have been loaded by June 10, with approximately 10 more rakes loaded in the last two days, totaling around 440 rakes. This year, 60% of Bihar's cargo is already dispatched, compared to only 250-300 rakes during the same period last year. This rapid pace indicates that most maize supplies from Bihar have already been delivered.
Bihar yields have also decreased due to unfavorable weather, suggesting that Bihar maize prices will remain firm in the medium term.
Myanmar sellers are quoting July maize prices at USD 280-285 per ton CNF, with imported maize at Tuticorin port quoted at INR 2525 per quintal. Approximately 2.5 lakh tons of maize are expected to be imported from Myanmar.
Given the current scenario, any significant decline in maize prices seems unlikely until the new kharif maize crop starts arriving in October from South, Western, and Central India.
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