Mumbai, 22 May 2024 (Commoditiescontrol): Maize prices across major Indian markets remained firm today, bolstered by limited supplies from key producing regions and a broader upward trend in agricultural commodity prices.
Market sources in Gulabbagh and Amalner reported prices holding steady or inching slightly higher, with quotes ranging from ₹2170-2200 per quintal. Traders attributed this to ongoing concerns about delayed arrivals from Bihar due to weather disruptions and active local stockpiling.
In Maharashtra, prices have seen a notable uptick in recent days, as supplies from Bihar failed to materialize as expected. This, coupled with weak local harvests, has pushed spot prices up by ₹50-75 per quintal in the region.
Meanwhile, prices for imported maize at Tuticorin port have also risen, further supporting domestic prices. However, processors and bulk buyers have adopted a cautious stance, wary of committing to large purchases at elevated levels.
While a significant price correction appears unlikely in the near term, the extent of further gains will depend on several factors. The upcoming harvest in Uttar Pradesh, the trajectory of global grain markets, and the acreage dedicated to maize in the upcoming kharif season will all play a crucial role in shaping price dynamics.
Additional upward pressure could come from rising input costs, as local ethanol producers ramp up demand amid favorable weather conditions. If imports remain expensive, processors may be forced to accept higher maize prices in the coming months.
Overall, the maize market is caught in a tug-of-war between tight supplies and cautious demand. While prices are likely to remain elevated, the extent of future gains remains uncertain, pending clearer signals from both domestic and international markets.
(By Commoditiescontrol Bureau; +91-9820130172)
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