Mumbai, March 7, 2024 (Commoditiescontrol):Maize prices exhibited a steady to weak trajectory across major trade centers in India today. This trend is attributed to stockists liquidating their old stocks in anticipation of an abundant Rabi crop from Bihar.
Analysts expect Bihar's new Rabi crop to enter the market at prices in the range of INR 2000-2100 per quintal. This represents a significant decline from the current INR 2450 per quintal mark. The downward price pressure stems from a 23% year-on-year increase in acreage and forecasts suggesting normal yields compared to the previous year.
Maharashtra, a key maize-producing region, witnessed prices in the Jalgaon and Dhule areas decrease by INR 10-20 per quintal. Prices settled in the INR 2330-2350 per quintal range as stockists cleared out older inventory before the new Rabi crop.
Meanwhile, maize prices in Karnataka and Tamil Nadu remained largely unchanged at INR 2350 per quintal.
In Madhya Pradesh, Chhindwara mandi prices held steady at INR 2260-2300 per quintal, with ex-warehouse prices also remaining stable at INR 2330-2350 per quintal.
Gulabbagh maize prices were steady at INR 2400-2460 per quintal. Despite a notable INR 130 per quintal increase in the last 12-14 days, Gulabbagh maize prices currently stand at their highest for the season.
Market observers noted increased selling activity by stockists today, driven by the significant price gains over the past two weeks. This suggests a potential halt to the continuous upward trajectory of maize prices.
Weather conditions will now be a critical determining factor. Should the new crop experience delays due to unfavorable weather, a further price surge could occur. However, barring any major weather disruptions, sharp price increases beyond current levels appear unlikely.
(By Commoditiescontrol Bureau; +91-9820130172)
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