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Maize Market in Bihar Holds Steady Amid New Arrivals and Active Trading

19 Apr 2024 5:44 pm
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Mumbai, April 19 (Commoditiescontrol): In the agricultural markets of Bihar, maize prices held steady amid fresh arrivals and active rack loading, that kept the market in balance. Despite the arrival of over 3000 metric tons of new maize at the Gulab Bagh Mandi, prices remained unchanged, hovering between Rs 2100-2120 per quintal.

Rack loading activities commenced in various key regions including Purnea, Seemapur, Kursela, Naugachia, Mansi, Bhavanipur, Sonamukhi, and Alamnagar, where maize was traded at rates ranging from Rs 2080-2120 per quintal. Notably, godown buyers were observed purchasing maize within the range of Rs 2100-2120 per quintal, reflecting stable demand amidst the flurry of activity.

Meanwhile, in Andhra Pradesh, maize arrivals were reported at 900-1000 metric tons, driving Mandi prices to trade between Rs 2160-2200 per quintal. Ex-warehouse prices also saw a modest increase, rising by Rs 10 per quintal to reach Rs 2250 per quintal. The maize supplies from Andhra Pradesh found their way to Tamil Nadu at Rs 2500 per quintal, factoring in freight costs.

Telangana witnessed maize prices holding firm at Rs 2240-2250 per quintal, maintaining a stable trajectory in line with the broader market trend. In Tamil Nadu, maize prices were reported at Rs 2330-2350 per quintal in regions such as Dindigul and Theni, while consumption markets saw slightly higher rates ranging from Rs 2450-2470 per quintal. With supplies dwindling, Tamil Nadu continued to rely on imports from Andhra Pradesh and Bihar to meet its demand.

Karnataka, another key player in the maize market, recorded prices at Rs 2300 per quintal, with consumption centers like Bangalore witnessing slightly higher rates at Rs 2460 per quintal.

The gradual uptick in prices observed in Karnataka and Maharashtra over the past few sessions, coupled with declining arrivals, suggests a potential convergence with Bihar maize prices.

Analysts predict that if Bihar maize prices experience a modest decline of Rs 30-60 per quintal from current levels, while Maharashtra and Karnataka prices continue to show slight upward trends, Bihar maize prices may align closely with those of the Maharashtra zone. Considering the current market dynamics, it appears unlikely that Bihar maize prices will dip below the range of Rs 2050-2075 per quintal in the near future.


       
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