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Maize Prices Remain Steady to Firm Across Major Centres, Supply Constraints Persist

27 May 2024 5:59 pm
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New Delhi, May 27 (CommoditiesControl): Maize prices continued to trade steady to firm across major centres today, tracking firmness in Bihar maize prices. However, most states did not receive supplies from Bihar as expected due to unfavorable weather conditions and strong local demand from stockists.

Unfavorable weather conditions in Bihar have slowed harvesting, leading to difficulties in maize supplies. Currently, Bihar godown and warehouse stockists, along with rack loaders, are facing challenges in obtaining maize supplies to fulfill their requirements. The unavailability of imported supplies at lower rates has further supported prices in the market.

In Bihar, godown prices are quoted at INR 2230-2250 per quintal, while mandi prices are quoted at INR 2200-2210 per quintal. Freight from Bihar to Pune line is approximately INR 400 per quintal, with trucks not readily available.

Around 250 rakes (5.5-6 lakh tons) of maize have been delivered out of Bihar this season, significantly higher than last year's deliveries during the same period. However, around 40-50% of maize still remains to be harvested in Bihar.

Buyers from Maharashtra are eagerly awaiting UP crop arrivals, which are expected to pick up pace from around June 5. Spot rates at Kasganj are around INR 2200, and even with arrival pressure, spot prices are unlikely to decline significantly. Freight from UP to Maharashtra's Pune line is expected to be around INR 400, keeping Maharashtra maize prices steady.

In Andhra Pradesh and Karnataka, maize prices traded up by INR 30-40 per quintal, while Chindwara good quality maize traded up by INR 30 per quintal. Despite the anticipation of UP crop arrivals, Maharashtra buyers are expected to find it hard to procure maize supplies until June 5, leading to steady to firm prices in the near term.


       
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