New Delhi, April 15 (CommoditiesControl): Bihar's maize market witnessed relatively stable trading conditions today, with prices maintaining a slight downward trend due to rising arrivals. However, the onset of rack loading activities provided some support to prices, limiting the decline.
Approximately 1,500 metric tons of new maize were brought to the Gulabbagh mandi, where prices ranged between INR 2,130 and INR 2,160 per quintal, marking a decrease of INR 10 per quintal compared to the previous session.
Rack loading operations have commenced in Purnea, Seemapur, and Kursela, with rack point prices quoted at INR 2,165 per quintal. Some racks have already been dispatched to Seetapur in the Moradabad zone for ethanol producers.
Presently, Bihar maize prices for immediate delivery to Punjab/Haryana are pegged at INR 2,460 per quintal, while forward trades for May delivery are not being quoted below INR 2,400. Meanwhile, Tamil Nadu forward contracts are being traded at INR 2,450 per quintal.
Ethanol producers are facing challenges in obtaining an adequate supply of rice from the government, leading them to heavily rely on maize for ethanol production. Consequently, they are expected to exhibit aggressive purchasing behavior for Bihar maize in the current market scenario.
Notable transactions have been observed for Godown delivery scheduled for May 15 at INR 2,100 per quintal, although bulk buyers are yet to enter the market for stocking purposes. Given the prevailing conditions, Bihar maize spot prices appear unlikely to decline below the INR 2,100 level in the near term.
0 Comments 
Post Comment 
