New Delhi, May 2 (CommoditiesControl): Today, Bihar maize prices remained steady to slightly firm, driven by robust rack loading activities and godown stocking. In Gulabbagh mandi, prices held steady within the range of INR 2010-2040 per quintal. However, buyers in godowns and racks pushed prices slightly up by INR 5-10 per quintal.
Rack points in Mansi and Badla witnessed a notable increase of INR 10, reaching INR 2020 per quintal. This upward trend in prices was further supported by a gradual increase in freight charges towards other destinations in Bihar, making supplies less accessible for buyers from other regions at lower rates.
Rack deals for Bihar maize heading towards the North Maharashtra zone settled at around INR 2250-2260 per quintal. However, buyers are encountering difficulties in securing rack supplies below this rate for the time being.
In Haryana, a bulk buyer is currently quoting INR 2300 for immediate delivery and INR 2275 per quintal for deliveries till mid-May. However, with freight charges from Bihar to Haryana/Punjab estimated at around INR 300, mandi prices would need to decline by approximately INR 50-60 per quintal from current levels to facilitate deliveries. Yet, the ongoing rack and godown buying activity suggests this may prove challenging.
Meanwhile, in Karnataka, maize prices traded steadily with a positive bias, ranging between INR 2420-2430 per quintal. This trend is attributed to a weaker-than-expected new rabi maize crop, with production falling below last year's levels.
Tamil Nadu buyers are currently quoting INR 2430 for delivery, while ethanol and starch producers in Karnataka are offering INR 2400-2410 for delivery.
As new Rabi maize supplies in Telangana also weaken, buyers in the region may increasingly turn to Bihar for sourcing in the coming months.
In view of the current market trends, it appears that Bihar maize prices have nearly bottomed out, signaling a potential stabilization in the near term.
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