New Delhi, May 15 (Commoditiescontrol): Maize prices across India remained stable, influenced by supply dynamics and weather conditions. While certain regions experienced steady to firm prices, others witnessed slight fluctuations.
In Gulabbagh, godown buyers maintained stability, trading at INR 2130-2150 per quintal, while rack buyers were active at INR 2070-2110 per quintal.
Unfavorable weather in Bihar has resulted in slow supplies, supporting prices. However, as Bihar's weather improves, market sentiments have turned somewhat sluggish.
Punjab reported maize prices at INR 2410-2425 per quintal, marking a modest increase over recent sessions.
Southern India observed steady to slightly upward movements in maize prices, supported by regular imports that mitigated significant price hikes.
In specific markets like Gokak, prices remained unchanged at INR 2385 per quintal for the past two weeks. Meanwhile, Sangli and Jalgaon witnessed stability with prices quoted at INR 2490 per quintal, maintaining their upward trend over the last 11 days.
Imported maize from Myanmar at Tuticorin port was priced at INR 2410 per quintal.
As Bihar's weather improves, expectations of increased supplies may halt the continuous uptrend in prices or lead to slight corrections.
While a decline in maize prices in Bihar is projected in the coming weeks, the decrease is expected to be limited to INR 30-40 per quintal as stockists actively fulfill demand.
Further pressure on prices may arise as stockist buying subsides in the next 10-15 days, coinciding with the commencement of the new crop in UP. However, robust domestic demand is anticipated to prevent significant declines.
While a sharp rise in maize prices in the medium to long term seems challenging, monitoring domestic kharif sowing figures and global maize price trends will provide clarity on market direction.
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