New Delhi, May 10 (CommoditiesControl): Today, maize prices traded steady to firm, following the trend observed in Bihar maize prices. In Gulabbagh mandi, prices saw an uptick of INR 10 per quintal, reaching INR 2,100-2,130 per quintal. Slow arrivals in this zone were attributed to recent rains, which dampened harvesting activities.
The recent rainfall in Bihar's major maize-producing zones suggests that any significant increase in maize arrivals is unlikely in the near term. Furthermore, with around 80-85% of maize yet to be harvested in the Bihar zone, and rains being moderate, the likelihood of significant crop damage due to weather conditions remains low.
In Maharashtra, traders outside the Gulabbagh zone are obtaining spot rates of approximately INR 2,070-2,080 per quintal (spot 2,110-2,120). However, sluggish local Bihar buying is noted at current higher rates, following the sharp increase in prices in recent sessions.
Punjab maize prices are quoted at INR 2,360-2,400 (net) for Bihar maize, with freight charges around INR 300 per quintal. Despite relatively active buyers, sellers from Bihar are hesitant to sell at current rates. Prices in Punjab had previously touched INR 2,300 per quintal, but recent scarcity of supplies from Bihar at lower rates led to an increase of INR 60-100, reaching INR 2,360-2,400 today.
The current uptrend in Bihar maize prices is viewed as temporary, attributed to unfavorable weather conditions. As weather conditions improve, supplies are expected to increase, leading to a subsequent decline in prices. Furthermore, upcoming maize crops in Uttar Pradesh and Punjab, starting in June, are anticipated to exert pressure on prices.
In Andhra Pradesh, prices remain steady at INR 2,250 per quintal in origin markets and INR 2,350-2,370 per quintal in consumption markets like Hyderabad, with arrivals reaching 4,500 MTs. Tamil Nadu markets maintain stability at INR 2,450-2,460 per quintal due to ongoing elections. Karnataka prices are trading at INR 2,450-2,470 per quintal, while imported maize at Tuticorin port is priced at INR 2,380 per quintal. Regular imports to South India at relatively lower rates are noted, with the anticipation of the new crop from Uttar Pradesh in the coming weeks.
Overall, any sharp rise in Punjab maize prices appears unlikely in the near to medium term, as market trends across India continue to evolve.
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