Mumbai, India – April 25, 2024 – Bihar maize prices held steady today, demonstrating a delicate balance between supply and demand. Active rack loading and godown stocking operations prevented prices from falling significantly, while increasing new arrivals limited any potential for substantial increases.
Approximately 3,000 metric tons (MT) of fresh maize arrived at the Gulabbagh mandi, resulting in steady prices quoted at INR 2040-2070 per quintal. Currently, substantial volumes of Bihar maize are being shipped to the Punjab/Haryana zone at INR 2400 per quintal.
Despite ongoing challenges in securing truck transportation, rack loading operations are proceeding actively across key rack points.
The recent arrival of approximately 100,000 MT of maize from Russia and Myanmar at Indian ports could exert some downward pressure on prices in the short term, especially as daily Rabi arrivals from Bihar continue to increase.
Bihar-Tamil Nadu line May forward rake Billys are being traded at INR 2070-2090 per quintal, with destination prices in Tamil Nadu reaching INR 2420-2430 per quintal. Andhra Pradesh (AP) is also contributing to the supply chain with maize priced at INR 2440-2450 per quintal.
While increasing arrivals from Bihar are expected to maintain price stability in the near term, the medium to long-term outlook appears bullish. This optimism is fueled by continuing robust demand from the ethanol, starch, and poultry sectors.
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