New Delhi, May 17 (Commodities Control): Maize prices in Bihar maintained stability today as current supplies sufficed to meet the present demand. Despite some pressure on market sentiment due to gradually improving weather, active stocking activities helped limit any significant decline in prices.
At Gulabbagh mandi, maize prices were steady, quoted at INR 2130-2160 per quintal. Arrivals improved to approximately 5000 tons, as the weather began to open up, facilitating better movement of goods. However, the active stocking by traders has been a key factor in preventing a price drop.
Bulk buyers across major centers have refrained from increasing prices for the time being. Buyers in Uttar Pradesh (UP) are currently slowing down their purchases, having already secured a significant quantity. They anticipate good arrivals in UP to commence in 10-15 days, which has tempered their buying activity.
The maize crop in UP is expected to be 10-20% better than last year. Early maize harvests have started in the Gonda and Bahraich regions of UP, although these quantities are still small. Major supplies from UP are projected to start in 10-15 days. Approximately 30% of UP’s summer crop is delivered to Maharashtra, 25% to Gujarat, 15% to Madhya Pradesh (MP), 20% for local UP consumption, and the remaining 10% to other states like Uttarakhand.
Currently, Bihar maize is being delivered to the Punjab market at around INR 2400-2420 per quintal. The new Bahraich crop is priced at INR 2130-2150, trading at INR 2350-2360 per quintal to the Punjab line. The moisture content in UP maize is around 15-16%, making its quality inferior to Bihar maize, which has a moisture content of 11-12%, thus maintaining its superior quality. This quality advantage keeps stockists in Bihar actively procuring maize before the rains potentially affect quality.
Given these dynamics, small trades from the UP line to the Punjab line are unlikely to pressure Bihar maize prices for now. However, as UP arrivals increase in the next 10-12 days, a correction in prices is anticipated in both UP and Bihar markets. This correction is expected to be modest, around INR 40-60 per quintal, as overall domestic demand remains robust.
Meanwhile, imported maize from Myanmar at Tuticorin port is quoted at INR 2420 per quintal. Andhra Pradesh (AP) origin maize prices traded at INR 2250 per quintal, and in consumption markets, it traded at INR 2400-2420 per quintal. Karnataka consumption markets saw prices ranging from INR 2450-2470 per quintal.
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