Mumbai, June 25 (CommoditiesControl): Maize prices continued to trade firmly across various centers in Uttar Pradesh on Tuesday, driven by active stockists and slow arrivals. Recent rains have hindered the buildup of arrivals in the state, providing further support to prices.
Motor cut prices increased by INR 20 per quintal, reaching INR 2180-2190 per quintal. Despite the price rise, many sellers remain reluctant to sell at current rates. Rack loading from the area is currently around INR 2250 per quintal.
Starch-producing companies have not been very active in the market, as they are receiving imports from Ukraine. In contrast, domestic poultry buyers are actively purchasing maize due to concerns over the quality of future supplies, particularly with rain-damaged crops in Bihar and ongoing rains in UP.
Ethanol buyers are also actively purchasing maize, with prices ranging from INR 2300 to INR 2320 per quintal. These buyers are expected to remain active until prices reach around INR 2500 per quintal.
Buyers from Gujarat, Maharashtra, Haryana, and Punjab are also actively sourcing maize from UP. However, a shortage of trucks and seller reluctance at current prices are limiting transactions.
In Gujarat, poultry line trades in Anand are being completed at INR 2510-2520 per quintal, reflecting an increase of INR 30. In Nasik and Pune, trades are done at INR 2650 and INR 2700 per quintal, respectively, both up by INR 30. In Rajasthan (Ajmer/Sumper), UP maize trades are reported at INR 2400-2450 per quintal, up by INR 30. Trades in Haryana and Punjab are occurring at INR 2320-2340 per quintal, an increase of INR 20.
Given the current scenario, UP maize prices are expected to rise by INR 50-100 per quintal in the near term.
Bihar Maize Prices Steady Amid Slower Buying Activity
Maize prices in Bihar traded steadily today as buyers slowed down after a consistent upward trend. However, declining arrivals coupled with regular domestic buying continued to support the prices.
Prices in Gulabbagh remained steady at INR 2300-2400 per quintal. A slight downtrend of INR 10 per quintal was observed for lower quality maize, while good quality maize prices remained unchanged.
Approximately 60-65% of Bihar maize has been delivered out of the state so far. About 15-20% is still in stocks, and the remaining 15-20% is with farmers and in the fields.
South Indian buyers continue to be active for Bihar maize, with several rakes delivered to Karnataka (Bagalkot zone) at around INR 2600 per quintal and Tamil Nadu at around INR 2650 per quintal.
Considering the current market conditions, Bihar maize prices are likely to trade steady to firm in the near to medium term.
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