New Delhi, April 5, 2024 (Commoditiescontrol): Bihar maize prices maintained stability in trading today, with current supplies meeting the present demand requirements. The influx of new arrivals exerted pressure on prices, although consistent purchasing activities provided support.
Approximately 1000 MT of new maize entered the Gulabbagh mandi, with prices holding steady at INR 2275-2300, consistent with previous sessions. Overall, favorable weather conditions and adequate quantities contributed to market sentiment.
As Eid approaches on April 10, many laborers are expected to commence holidays, resulting in a slowdown in harvesting activities for approximately a week. Consequently, no significant increase in arrivals is anticipated during this period, providing temporary support to maize prices.
Looking ahead, as arrivals surge once again, Bihar maize prices may face downward pressure. Forward trades are currently quoted at around INR 2250-2275 for the Kanpur line until the end of May. Considering the freight cost from Bihar to Kanpur, which stands at approximately INR 150 per quintal, Bihar spot prices are unlikely to decline below the range of INR 2000-2100.
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