New Delhi, April 9 (CommoditiesControl): Maize prices maintained stability today as a surge in arrivals continued to exert pressure on the market.
In Gulabbagh Mandi, around 1200-1500 metric tons of new maize arrived, with prices quoted at INR 2200-2225 per quintal, marking a decrease of INR 25 per quintal from the previous session. Forward trades for May delivery at Bihar warehouse were reportedly heard at INR 2100-2125 per quintal.
A slight decline in arrivals was observed, attributed to labor shortages due to the upcoming Eid festival. However, it is anticipated that arrivals will pick up again in the coming days. Dumping for rack loading has commenced from the Seemapur zone, with prices ranging around INR 2200-2225 per quintal, while actual rack loading is expected to commence shortly.
Demand from poultry buyers remains relatively robust at current price levels. However, starch producers are not actively participating in the market due to the anticipation of relatively lower-priced imports in the coming months. Starch producers have been importing maize under the advance authorization scheme, and this trend is expected to continue as global maize prices remain weaker compared to Indian prices.
With a bumper crop expected in Bihar, there is a possibility of maize deliveries from Bihar to regions like Maharashtra and Gujarat if prices dip into the INR 2050-2100 per quintal range. Rack freight charges from Bihar to these regions are approximately INR 200-225 per quintal, ensuring ample supplies in the coming months for starch producers in these areas.
On the other hand, ethanol-producing buyers are not active above the INR 2450-2500 range. There is a possibility that the government may opt to import maize to fulfill ethanol production capacity and meet blending targets.
In Karnataka, maize prices are trading at INR 2300 per quintal in the Davengere market and INR 2400-2450 per quintal in consumption markets like Bengaluru. Prices in the Amalner mandi remain steady at INR 1900-2100 per quintal.
Considering the current scenario, unless there is a sharp increase in global maize prices, any significant upward movement in Indian maize prices appears unlikely in the near to medium term, at least until mid-June.
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