Mumbai, February 8 (CommoditiesControl): Maize prices maintained a rangebound trajectory across major centers, reflecting a delicate balance between ample current supplies and demand. The decrease in kharif arrivals provided support to prices, but a robust stock position among buyers restrained significant gains.
In Maharashtra, maize prices traded almost steady at INR 2320 per quintal, with consistent purchases noted from poultry and ethanol buyers. However, starch producers exhibited a more reserved approach to buying, possibly influenced by prior bookings of import cargoes.
The maize market in Tamil Nadu experienced pressure from new arrivals in the Southern zone in recent days. Nevertheless, active stocking activities in Tamil Nadu contributed to the upliftment of prices in the region.
A notable poultry buyer in Papampatti had initially reduced prices from INR 2400 to INR 2190 with the onset of the new crop. In the past week, the same buyer increased prices by INR 160, reaching INR 2350 yesterday, as reported by traders.
With no anticipated new arrivals in Maharashtra and the Southern zone for the next 50 days, maize prices are expected to trade steady to firm in the near future.
Bihar witnessed maize trading at a steady to slightly weak rate of INR 2350 per quintal. Some stockists liquidating their holdings exerted pressure on prices, although a substantial portion of bulk stockists continues to maintain their inventories.
Considering the current scenario, maize prices are anticipated to remain rangebound in the short term. There is a likelihood of prices experiencing an upward trend as kharif arrivals decrease further in the coming weeks. This delicate balance between supply and demand dynamics sets the stage for potential price movements in the maize market.
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