Mumbai, April 12 (CommoditiesControl): The maize market in Bihar remained relatively stable today, with current supplies adequately meeting present demand levels. While the arrival of new maize arrivals exerted downward pressure on prices, consistent purchasing activities helped to mitigate significant declines.
Around 500 metric tons of new maize arrived at Gulabbagh mandi, where prices held firm at Rs 2,175-2,200 per quintal, unchanged from the previous session. However, market observers anticipate a notable increase in arrivals over the next 2-3 days, which could further weigh on prices.
Currently, ready delivery prices for Bihar maize stand at INR 2,460 for Punjab/Haryana delivery, with forward trades for May delivery not falling below Rs 2,400. Similarly, forward contracts for Tamil Nadu delivery are being transacted at Rs 2,450 per quintal.
The ethanol industry, facing shortages in rice supply from the government, has turned its focus towards maize for ethanol production. Consequently, ethanol producers are expected to actively stock Bihar maize, contributing to market demand.
Recent trades have been recorded for Godown May 15 delivery at Rs 2,100 per quintal, with bulk buyers anticipated to enter the market for stocking purposes. Given the current market trends, it appears unlikely that Bihar maize spot prices will dip below the Rs 2,100 levels in the near term.
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