New Delhi, September 9 (CommoditiesControl)* — Maize prices today displayed a rangebound trend, maintaining stability after a firm increase over the past week. The cautious approach of purchasers amid the impending arrival of the new maize crop contributed to the steady prices. Limited supplies continue to support the current price levels.
In Gulabbagh, maize prices remained steady at INR 2500-2550 per quintal. With new kharif arrivals expected to commence in a few weeks, buyers have adopted a cautious stance, purchasing only on a need-to basis.
The overall stock situation in Bihar remains relatively weak compared to last year. Bihar's total maize stock stands at approximately 1.2 million tons, distributed as follows: 600,000 tons with processors, 350,000 tons with traders, and 250,000 tons with farmers. The reduced availability has contributed to the stabilization of current prices.
In Maharashtra, prices in Pune and Nasik lines held steady at INR 3000-3050 per quintal. Both buyers and sellers are waiting for the new harvest to influence the market. While most of Maharashtra’s maize has been sold, buyers are holding off, anticipating fresh arrivals.
In contrast, brokers in some regions are targeting INR 2300 per quintal for October warehouse delivery, but sellers are hesitant to accept such lower rates.
In Mysore, a small quantity of new maize has been offered at INR 3050 for Tamil Nadu delivery, with old crop prices standing at INR 3150. Imported maize from Tuticorin is selling at INR 2910 per quintal, reflecting a INR 60 per quintal increase over the past ten days. This marketing year’s total imports have reached 800,000 tons.
Rains in Telangana have impacted the harvest, pushing prices up by INR 75-100 per quintal to INR 2850-2900. In Andhra Pradesh, prices have ranged between INR 2800-2850 per quintal. Limited supplies and hand-to-mouth purchasing by customers are expected to sustain these price levels.
New maize arrivals in Karnataka are expected to accelerate around September 20. The crop conditions are reported to be better than last year. With domestic ethanol producers anticipated to demand around 5.5 million tons this year, warehouse maize prices are unlikely to fall below INR 2350-2400 even with new arrivals. As processor prices approach the INR 2600 level, aggressive buying from consumers is anticipated.
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