Maize Market Showed Mixed Trends Across Major Centers

Mumbai, March 20 (CommoditiesControl): Maize prices continued to exhibit a steady to weak trend across major centers today, as market participants adopted a cautious stance ahead of the new crop season. The ongoing liquidation of stocks by stockists has maintained a relatively comfortable supply situation, contributing to the subdued market sentiments.

Adding to the pressure, reports of maize imports from Myanmar at competitive rates have further weighed on market sentiments. The arrival of cheaper imports has dampened the outlook for domestic prices, prompting buyers to tread carefully.

However, amidst this cautious atmosphere, a glimmer of optimism emerged from Bihar as maize crop prices rose today. Unfavorable weather conditions in the region have bolstered sentiments, leading to increased buyer activity. The possibility of delays in maize harvesting due to adverse weather has prompted buyers to act swiftly, anticipating potential disruptions in supply.

Maize import deals have been struck at USD 260 per ton CNF for Myanmar Tuticorin port, albeit supplies have yet to be loaded. Meanwhile, maize prices in Myanmar have also witnessed an uptick today, attributed to weather disturbances in the Eastern part of India, which have influenced sentiments in the region.

In specific markets, Amalner mandi saw a slight downturn in new maize prices, while Karnataka maize traded relatively steady with a negative bias. The anticipation of increased supply from Telangana and Andhra Pradesh in the coming weeks has tempered buyer activity, leading to cautious market sentiments.

In Bihar, maize prices recorded an uptick today, supported by adverse weather conditions that may potentially delay harvesting activities. Looking ahead, Bihar maize prices are expected to maintain a steady to firm trajectory in the near term, contingent upon weather developments.

While weather disturbances have uplifted sentiments in certain regions, the central part remained unaffected, with clear weather conditions and increasing arrivals. However, the prospect of rains in Bihar in the coming days may pose challenges to the new crop, potentially impacting prices.

Despite the potential for localized price improvements driven by weather-related disruptions, any sharp rises in prices are deemed unlikely given the presence of relatively lower-rate imports and ample supply from the Rabi crop.