New Delhi, April 23 (CommoditiesControl): Maize prices in Bihar remained steady today as current supplies adequately met present demand levels. The active loading of racks and stocking in godowns prevented a significant decline in prices, while increased new arrivals limited any upward movement in prices.
Around 4000+ metric tons of new maize arrived Gulabbagh mandi, with prices holding steady in the range of INR 2040-2070 per quintal. Notably, a substantial portion of Bihar maize is being dispatched to the Punjab/Haryana zone at INR 2400 per quintal.
While truck availability remains somewhat challenging, rack loading operations are in full swing at major rack points. In contrast, Maharashtra has observed a decline in maize arrivals over the past week, with supplies expected to diminish by the first week of May. Reports suggest that Maharashtra's rabi crop is about 20-25% lower compared to last year.
Traditionally, Bihar maize is transported to Maharashtra via rack deliveries, albeit at a slower pace through truck deliveries. However, this year, it is anticipated that a significant portion of trades will be facilitated through trucks as Maharashtra's supplies deplete faster than usual. Truck freight from Bihar to Maharashtra's Pune/Nashik line stands at around INR 300 per quintal, indicating the likelihood of Bihar maize attaining parity for Maharashtra deliveries soon.
In other regions, maize arrivals in Andhra Pradesh remained neutral, with mandi prices marginally increasing by INR 10 per quintal to trade at INR 2170-2210 per quintal, while ex-warehouse prices rose to INR 2270 per quintal. Telangana prices held steady at INR 2240-2250 per quintal.
Tamil Nadu witnessed steady maize prices at INR 2330-2350 per quintal in Dindigul, Theni, and other consumption markets, while prices remained stable at INR 2450-2470 per quintal. Bihar maize forwards were traded at INR 2070-2090 per quintal in rake Billty, with ex-godown prices in Tamil Nadu reaching INR 2410-2420 per quintal. Although a decline in prices is expected in the coming days, the medium to long-term outlook remains bullish due to rising ethanol demand.
Similarly, Karnataka saw steady maize prices at INR 2310 per quintal, with prices also maintaining stability at INR 2470 per quintal in consumption markets like Bangalore.
Given the potential for Bihar maize prices to achieve parity for the Maharashtra zone soon, it is unlikely that prices will decline by more than INR 20-40 per quintal in the near to medium term.
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