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Weak Trading Noted in Bihar Maize Market Amid Surge in Arrivals

22 Apr 2024 6:03 pm
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New Delhi, April 22 (CommoditiesControl): Bihar maize prices experienced weakness today as increasing arrivals exerted pressure on prices. However, active rack loading and godown stocking activities limited the decline in prices.

In Gulab Bagh Mandi, around 3000+ MT of new maize arrived, leading to a price decline of INR 20 per quintal, with prices quoted at INR 2040-2070 per quintal.

Rack loading activities commenced in Purnea, Seemapur, Kursela, Naugachia, Mansi, Bhavanipur, Sonamukhi, and Alamnagar, with prices ranging from INR 2030-2070 per quintal. Meanwhile, godown buyers purchased maize at INR 2070-2080 per quintal.

Transport unit availability remains challenging due to ongoing elections. However, with significant election procedures expected to be completed by April 30, availability of trucks is anticipated to improve. Additionally, bulk buying is expected to commence in godowns after April 30, potentially leading to Bihar maize prices reaching their bottom range within this week.

In Andhra Pradesh, maize arrivals decreased to 700-800 MT compared to last week, with mandi prices trading at INR 2160-2200 per quintal and ex-warehouse prices increasing by INR 10 per quintal to INR 2260 per quintal. Maize supplies from AP are reaching Tamil Nadu at INR 2500-2510 per quintal (including INR 250 per quintal freight).

In Telangana, prices remained steady at INR 2240-2250 per quintal, while in Tamil Nadu, maize prices were steady at INR 2330-2350 per quintal in Dindigul, Theni, and other consumption markets. Supplies are limited, and Tamil Nadu is receiving maize supplies from AP and Bihar.

Karnataka witnessed a price increase of INR 10 per quintal, trading at INR 2310 per quintal, and in consumption markets like Bangalore, prices increased by INR 10 to INR 2470 per quintal.

With maize prices gradually rising in Karnataka and Maharashtra amidst declining arrivals, Bihar maize prices may find parity if they decline by INR 30-60 per quintal from current levels, while Maharashtra/Karnataka prices show a slight uptrend. Therefore, Bihar maize prices are unlikely to decline below the INR 2050-2075 range considering the current market scenario.

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