Mumbai, April 15 (Commoditiescontrol): In the bustling markets of Bihar, maize prices witnessed a mixed trend today, with a slight inclination towards weakness attributed to a surge in arrivals. However, the decline was mitigated by the commencement of rack loading operations, which lent support to the prices.
At the Gulabbagh mandi, around 3000 metric tons of fresh maize flooded the market, leading to a downward revision in prices by Rs 30 per quintal. The commodity was quoted at Rs 2100-2130 per quintal, reflecting the impact of the increased supply.
Simultaneously, the initiation of rack loading activities in Purnea, Seemapur, and Kursela marked a significant development. Several racks have already embarked on their journey towards Seetapur in the Moradabad zone, catering to the demand of ethanol producers.
Contrastingly, in North Maharashtra mandis, maize prices ranged between Rs 2050-2100, while factory delivery prices remained relatively higher at around Rs 2275 per quintal throughout April. However, the cost of transporting maize from Bihar to North Maharashtra, coupled with additional unloading charges, currently renders Bihar maize delivery economically unviable in this region.
Analysts predict a potential uptrend in Maharashtra maize prices in the near term due to a gradual decline in arrivals. Should this materialize, it could bridge the gap between Bihar and Maharashtra maize prices, with a projected increase of Rs 50-75 per quintal.
Furthermore, the prevailing price range of Rs 2300-2325 per quintal for imported maize, coupled with the stabilizing trend in Maharashtra maize prices, indicates a floor level for maize prices in the foreseeable future. Consequently, Bihar maize prices are anticipated to maintain stability within the range of Rs 2050-2075 per quintal.
Overall, Bihar maize faces short-term challenges from increased arrivals, factors such as rack loading and evolving market trends in Maharashtra suggest a relatively stable trajectory for maize prices in the region.
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