New Delhi, June 21 (CommoditiesControl): Maize prices in various regions of India have shown resilience amid fluctuating market conditions, driven by supply constraints and external influences such as imports. Bihar, a key producer, saw prices rise by INR 60 per quintal over the past week, settling yesterday at INR 2320 per quintal. High-quality maize fetched up to INR 2350 per quintal, although buyer activity tempered slightly at these elevated levels.
The ongoing decline in arrivals, coupled with steady domestic demand, has bolstered prices in Bihar. Moreover, erratic monsoon progress in the state has further delayed arrivals and impacted maize quality and quantity adversely. Buyers from Tamil Nadu, recognizing the scarcity, have upped delivery prices to INR 2580-2600 per quintal, albeit showing caution at higher rates.
Meanwhile, sellers in Bihar are hesitant to sell at current rates, indicating a stable outlook for maize prices in the near term.
In Uttar Pradesh, prices remained steady at INR 2030-2050 per quintal over the last week. Maize from UP, while economically priced compared to Bihar, faces quality considerations favoring Bihar maize, particularly among poultry buyers. UP continues to witness consistent arrivals averaging 2000 tons daily in recent sessions.
Maharashtra's Sangli region reported a significant uptick of INR 30-40 per quintal, reaching INR 2630 per quintal yesterday. This upward movement, supported by Bihar's price trend and local supply shortages, reflects seller reluctance to lower prices.
Conversely, bulk starch manufacturers in Gujarat and Maharashtra have turned to Ukrainian imports, importing 50 thousand tons recently and anticipating further shipments. This shift reduces their reliance on domestic maize and could cap potential price hikes in Maharashtra in the short term.
In Bagalkot, Karnataka, maize prices rose to INR 2600 per quintal, up INR 25 from the previous day, driven by active local demand amid tightening supplies.
Imported maize in Tamil Nadu is priced at INR 2560-2570 per quintal for July delivery and INR 2520 per quintal for spot delivery. Similarly, Guntur prices held steady at INR 2430 per quintal as demand from South India continues despite challenges in sourcing Bihar maize.
Haryana and Punjab witnessed delivery prices rise to INR 2320 per quintal, up INR 20 recently, due to strong stockist demand amid lower-than-expected yields.
Looking ahead, maize prices are expected to remain firm in the near to medium term. Weak monsoon progress and potential declines in summer crop outputs may further constrain supplies. However, ongoing imports by starch and feed producers could mitigate these pressures, serving as a potential upward resistance to domestic price hikes.
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