Maize Prices Show Stabiliy; Variations in Prices Noted Across Regions

New Delhi, February 14 (CommoditiesControl): Maize prices in Maharashtra remained almost steady in the latest trading session, maintaining a consistent trend over the past 8-10 days. Noteworthy activity from poultry and ethanol buyers has contributed to the stability, while starch producers have displayed a more reserved approach, influenced by their recent bookings of import cargoes.

In Tamil Nadu, the maize market has witnessed a shift after opening at INR 2400-2410 per quintal a few days ago. Major poultry buyers have paused their purchases for two consecutive days, leading to a slight dip in prices to the range of INR 2370-2400 per quintal. Analysts anticipate a potential correction in Tamil Nadu maize prices from this point.

Chhindwara reported a decline in arrivals to around 5000-6000 quintals, with prices holding steady at INR 2280-2300 per quintal. Local buyers are facing challenges in securing supplies at lower rates, hinting at the likelihood of maize prices maintaining stability or firming up in the near term.

Meanwhile, Kolkata and Kharagpur have witnessed steady maize prices at INR 2525-2550 per quintal in recent days. However, demand from bulk buyers in these regions has been relatively subdued.

Assam is expected to start its maize crop arrivals in the first week of March, with loading for outside states slated to commence in mid-March. West Bengal's crop is anticipated to enter the market later in March, post-Holi festivities.

Bihar saw a decline in maize prices by INR 25 per quintal to INR 2325 as stockists liquidated their holdings, exerting pressure on prices. Despite this, many bulk stockists still retain portions of their stocks.

Across major centers, Punjab, Haryana, and Uttarakhand have maintained steady purchase rates, although some buyers exhibit reduced activity due to recent substantial purchases. Prices in these regions hover around INR 2550-2575 per quintal.

In Seetapur, an ethanol-producing buyer has temporarily halted purchases after acquiring significant quantities in recent weeks. However, other ethanol-producing buyers remain active within the range of INR 2400-2420. The market anticipates the arrival of UP crop in June 2023.

While stability prevails, a sharp rise in maize prices in the near term appears challenging, given the decent stocks held by buyers across different regions.