New Delhi, May 16 (Commodities Control): In Bihar, maize prices continued their steady trajectory today, supported by ample current supplies meeting the existing demand. However, the gradual improvement in weather conditions exerted some pressure on market sentiments.
At Gulabbagh mandi, prices remained unchanged at INR 2130-2160 per quintal, with arrivals showing an uptick to around 5000 tons. The gradual improvement in weather conditions has led to a slow increase in arrivals. Nonetheless, active stocking activities have prevented any significant decline in prices.
Bulk buyers in major centers have refrained from increasing prices for now, with buyers from Uttar Pradesh slowing down their purchases as they have already procured a substantial quantity. Moreover, expectations of increased arrivals in Uttar Pradesh after 10-15 days have contributed to this slowdown.
The upcoming maize crop in Uttar Pradesh is anticipated to be 10-20% better than last year. While small quantities of the new maize crop have begun in UP's Gonda and Bahraich zones, major supplies in Uttar Pradesh are expected to commence after 10-15 days.
Approximately 30% of the summer crop in Uttar Pradesh is delivered to Maharashtra, 25% to Gujarat, 15% to Madhya Pradesh, 20% for local consumption in Uttar Pradesh, and the remaining 10% to other states like Uttarakhand and elsewhere.
Buyers in Punjab and Haryana are expected to source their supplies from their local crop, which is projected to be around 10-20% better than last year, starting from mid-June. Additionally, regular imports from Myanmar and Ukraine in the coming months are anticipated to keep supplies ample in Western and Southern India.
Imported maize from Myanmar at Tuticorin port was quoted at INR 2420 per quintal today, up by INR 10 per quintal from yesterday. Maize from Andhra Pradesh traded at INR 2250 per quintal, while in consumption markets, prices ranged from INR 2400 to 2420 per quintal. Karnataka consumption markets traded at INR 2450-70 per quintal.
Overall, considering the current buying scenario, a sharp decline in prices is unlikely as stockists remain active in Bihar.
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