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Maize Prices Show Positive Trend in UP Amid Active Stockist Support and Monsoon Delays

18 Jun 2024 6:43 pm
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New Delhi, June 18 (Commoditiescontrol): Maize prices traded within a range with a positive bias across major centers in Uttar Pradesh on Tuesday. Active stockists supported prices, while gains were limited by the increasing arrivals of new maize from UP. Additionally, slow progress in the monsoon has bolstered maize market sentiments.

In Gulabbagh, maize prices have risen by INR 50-60 per quintal over the past week, stabilizing today at INR 2250 per quintal. A substantial portion of maize from Bihar has already been delivered over the last two months, with the remaining shipments expected to be dispatched in the coming weeks. As June ends, most delivery requests will likely be fulfilled, and arrivals are expected to dip significantly in July due to lower than anticipated yields.

Buyers in Tamil Nadu are offering INR 2560 per quintal for Bihar maize delivery by rail, though sellers are hesitant to sell at current rates. This reluctance may prompt southern buyers to increase their offers in the near term. Despite the availability of imported maize through the Tuticorin port, the supply is insufficient, leading southern buyers to turn to Bihar maize. Imported maize is quoted at INR 2560-2570 per quintal for July delivery and INR 2520 per quintal for spot delivery.

Karnataka buyers are gradually becoming more active in the maize market due to supply shortages from other regions. It remains uncertain if UP maize can meet Karnataka’s demand.

Kasganj mandi prices remained steady at INR 2030-2050 per quintal with arrivals of 1500 tons. Prices were supported by weaker-than-expected yields and active stockist activity. Motorcut prices in Kannauj also held steady at INR 2150-2160 per quintal, with around half of the loading destined for Maharashtra.

UP maize has been traded for delivery to Maharashtra’s Pune and Nasik lines at INR 2550 and INR 2525 per quintal, respectively. Maharashtra’s stock position is weak, and most buyers are relying on UP maize supplies.

Given the active participation of stockists in UP and observed yield issues, a significant decline in UP maize prices seems unlikely. Consequently, any substantial drop in Maharashtra maize prices also appears improbable.

Overall, supplies are firmly controlled in the Bihar region and at the Tuticorin port. Traders who have managed to stock maize even at higher rates are expected to benefit in the coming months.


       
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