Mumbai, 22 Mar 2024 (Commoditiescontrol):Maize prices remained largely unchanged today, with a slight downward trend as buyers anticipate the arrival of the new Bihar crop. Reports of imported maize from Myanmar at lower prices have also influenced market sentiment.
Myanmar origin maize imports have concluded at USD 260 (21600) per ton CNF for the Tuticorin port in India, though supplies haven't yet shipped. A weather disturbance in Eastern India has slightly lifted maize prices in Myanmar.
New maize in the Amalner Mandi is quoted at INR 1900-2050 per quintal. Arrivals are increasing, with roughly 300 tons observed today. This rapid influx makes a significant near-term price increase unlikely, with bulk arrivals anticipated within a week.
Karnataka maize prices held steady with a slight downward bias at INR 2300-2340 per quintal, influenced by small new arrivals from Telangana and Andhra. Buyers are hesitant as they expect larger volumes of new crop supplies within a week.
Bihar maize prices stabilized at INR 2415-2430 per quintal due to unfavorable weather. Buyers are showing increased interest as they anticipate potential harvest delays. This suggests that Bihar maize prices may remain steady or increase slightly in the near term.
While the weather disturbance has raised sentiment in the northeast, the central region remains unaffected. Clear weather in the central zone has led to increased arrivals. Bihar is experiencing weather disturbances today, with rain forecasted for the coming days. If adverse weather significantly delays harvesting, Bihar maize prices could improve in the near term.
However, a sharp price increase is unlikely in light of relatively low import rates and ample Rabi crop supply.
(By Commoditiescontrol Bureau; +91-9820130172)
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