Stability Marks Maize Prices in Key Markets; Some Regions Witness Variability

Stability Marks Maize Prices in Key Markets; Some Regions Witness Variability

New Delhi, Feb 15 (Commoditiescontrol): Maize prices in Maharashtra remained almost steady at Rs 2300-2310 per quintal, exhibiting a consistent trend over the past 8-10 days. Regular buying persisted from poultry and ethanol buyers, while starch producers showed sluggishness in purchases due to prior commitments to imported cargoes.

In Tamil Nadu, prices that initially opened at Rs 2400-2410 per quintal have witnessed a halt in significant purchases by major poultry buyers for two days, leading to current prices hovering around Rs 2370-2380 per quintal. Anticipations suggest a potential correction in Tamil Nadu maize prices.

Chhindwara reported a decline in arrivals to around 5000-6000 quintals, with prices holding steady at Rs 2280-2300 per quintal. Nearby buyers faced challenges in obtaining supplies at lower rates, indicating a likelihood of maize prices trading steady to firm in the near term.

Kolkata and Kharagpur maize markets have maintained steady trading at Rs 2525-2550 per quintal, with relatively sluggish demand from bulk buyers.

Assam expects crop arrivals from the first week of March, while loading for outside states is projected to commence in mid-March. West Bengal's crop is anticipated to start in March after Holi.

Bihar witnessed a marginal decline of Rs 10 per quintal in maize prices at Rs 2315 per quintal as stockists liquidated their holdings. However, most bulk stockists are still retaining some stocks.

Overall, maize prices traded steadily across major centers, with buyers in Punjab, Haryana, and Uttarakhand maintaining consistent purchase rates. However, a few buyers displayed reduced activity due to recent substantial purchases, with Punjab and Haryana trading at Rs 2550-2575 per quintal.

In Seetapur, an ethanol-producing buyer temporarily ceased purchasing after substantial acquisitions in recent weeks. Other ethanol-producing buyers remained active in the Rs 2400-2420 range. The Uttar Pradesh maize crop is expected to hit markets in June '23.

Despite market stability, a sharp rise in maize prices in the near term appears challenging, given the substantial stocks held by buyers.