Mumbai, 11 Apr 2024 (Commoditiescontrol):Maize prices in Bihar held relatively steady today, with sufficient supplies meeting current demand for the grain. However, increased new maize arrivals put downward pressure on prices, while regular buying prevented any significant declines.
At the Gulabbagh mandi, around 500 MT of new maize arrived, price quoted was INR 2175-2200 per quintal. This represents a decrease of INR 25 per quintal compared to the previous trading session.
Market experts anticipate a substantial increase in maize arrivals within the next 2-3 days, which is likely to place additional downward pressure on prices.
Currently, Bihar maize prices for immediate delivery to the Punjab/Haryana region stand at INR 2460. Forward trades for May delivery remain above INR 2400.
The limited availability of rice to ethanol producers from the government has led to a greater reliance on maize for ethanol production. Consequently, ethanol producers are expected to aggressively pursue Bihar maize for stocking.
Significant trades have been completed for Godown May 15 delivery at INR 2100. While bulk buyers have yet to enter the market for stocking purposes, the current scenario suggests that Bihar maize spot prices are unlikely to fall below the INR 2100 level.
(By Commoditiescontrol Bureau; +91-9820130172)
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