Mumbai, March 18 (CommoditiesControl): Maize prices have traded steadily to slightly weaker across major centers, with buyers adopting a cautious approach in anticipation of the new crop. The market saw stockists liquidating their stocks, maintaining a relatively comfortable supply situation.
The commencement of small new maize arrivals in Telangana and Andhra Pradesh has exerted pressure on sentiments in Southern India. In the North, Uttar Pradesh, and Bihar, buyers have shown reluctance to purchase at higher rates in anticipation of the new Bihar crop.
The Government of India's tender to supply 151 crore liters of ethanol from C heavy molasses, maize, and damaged grains could potentially support maize prices in the medium term.
In Pune, maize prices traded weaker by Rs 30 per quintal, settling at Rs 2450 per quintal. Similarly, prices in Gujarat are trading around similar rates. Buyers from Gujarat, Pune, and Madhya Pradesh are actively purchasing maize, but they are receiving maize as per their requirements as stockists are unwinding their positions, foreseeing no significant rise in prices.
With a few more weeks until bulk new arrivals are expected, maize prices are likely to trade steady to slightly upward. However, any significant price surge appears unlikely as substantial arrivals are anticipated in North Maharashtra mandis starting from April.
In Bihar, maize prices remained slightly steady at Rs 2400-2425 per quintal as stockists are liquidating their stocks, while buyers remain cautious ahead of the new crop.
In Karnataka, prices traded weaker by Rs 30 per quintal, settling at Rs 2300 per quintal, as the onset of small new arrivals from Telangana and Andhra Pradesh dampened sentiments. Buyers in Karnataka are not very active in purchasing as they anticipate the acceleration of new crop supplies from Telangana and Andhra Pradesh in the coming weeks.
Bihar's new maize is expected to open at Rs 2100 per quintal and may decline towards Rs 2000 per quintal, according to traders. Overall, the supply-demand scenario appears tight, and prices may find support due to ethanol demand, barring any weather-related disruptions.
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