New Delhi, May 9 (CommoditiesControl): Maize prices traded steadily to slightly firmer today, tracking the firmness observed in Bihar maize prices. In Gulabbagh mandi, prices were quoted up by INR 10 per quintal, ranging between INR 2090 and 2120 per quintal. Arrivals in this area have slowed down due to recent rains, which have affected harvesting and transportation.
The recent rainfall in major maize-producing zones in Bihar suggests that any significant increase in maize arrivals in the near term is unlikely. Additionally, since around 80-85% of maize is yet to be harvested in Bihar, and the rains have been slow, the likelihood of significant crop damage due to rain remains low.
Most maize consumers are adopting a cautious approach, being slow in purchasing and reluctant to maintain stocks at current rates. Instead, they are opting for hand-to-mouth trading and buying only as per immediate requirement.
In Andhra Pradesh, prices are holding steady at INR 2250 per quintal in origin markets and between INR 2350 and 2370 per quintal in consumption markets like Hyderabad, with arrivals reported at 4500 MTs. Prices in Tamil Nadu remain stable at INR 2450-2460 per quintal due to ongoing elections. Similarly, Karnataka prices are trading in the range of INR 2450-2470 per quintal. Regular imports are arriving in South India at relatively lower rates, while the new crop from Uttar Pradesh is expected to enter the market in the coming weeks.
As the weather clears up, maize arrivals are expected to increase again, potentially leading to a decline in prices. Moreover, considering the buying scenario in Maharashtra, Andhra Pradesh, Telangana, Tamil Nadu, and Karnataka, maize prices in Bihar are likely to witness a downward correction by INR 20-30 per quintal.
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