New Delhi, March 26 (Commodities Control): Maize prices continued to show stability with a slight inclination towards weakness across major centers today, as buyers exercised caution ahead of the new crop. The ongoing liquidation of stocks by stockists, coupled with the commencement of new arrivals in Bihar, has contributed to maintaining relatively eased supplies in the market.
In Gulabbagh mandi, Bihar, around 500 new bags of maize arrived following the clearing of weather conditions. Prices were reported in the range of Rs 2250-2380 per quintal. With the weather now favorable, it is anticipated that the pace of new arrivals will accelerate in the coming months.
In Himmatnagar, Gujarat, ready prices stood at Rs 2300 on Saturday. However, today's April 15 delivery prices are quoted slightly lower at Rs 2275 per quintal, with April 30 delivery prices further decreasing to Rs 2250 per quintal. This signals a potential downward trend in the coming months.
Despite increasing new arrivals in Telangana and Maharashtra, buyers are actively purchasing maize at relatively lower rates. Poultry industry players seem to be adjusting well to these lower rates, with poultry product prices remaining relatively stable. Attention is now focused on the new crop arrivals in the Jalgaon zone.
The outlook for maize prices in Jalgaon zone hinges on the development of bumper new arrivals. If significant pressure is observed, maize prices may decline by Rs 75-100 per quintal. However, if the pressure is within normal levels, the decline is unlikely to exceed Rs 50 per quintal. Currently, Pune line poultry prices, at Rs 2380 per quintal, are anticipated to dip below Rs 2320-2330 levels in April.
In Telangana, new arrivals are gradually gaining momentum. Trade deals for Telangana maize for Sambhajinagar distillery were executed at Rs 2300. With maize arrivals expected to maintain pressure for the next 40-60 days, maize prices may continue to trade steady to weak in South India throughout April.
Looking ahead, maize prices are forecasted to maintain their steady to weak trajectory in April, primarily driven by increasing new arrivals. However, from May onwards, prices may witness an uptick due to heavy domestic buying coupled with declining new arrivals, providing support to prices once again.
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