New Delhi, March 21 (CommoditiesControl): Maize prices traded with a steady but negative bias today, as buyers remained cautious while awaiting the arrival of the new Bihar crop. Reports of maize imports from Myanmar at relatively cheaper rates added to the pressure on market sentiments.
Import deals for maize have been struck at USD 260 (equivalent to Rs 21,600) per ton CNF for the Myanmar Tuticorin port. However, the supplies have yet to be loaded. Maize prices in Myanmar edged slightly higher today due to weather disturbances in the Eastern part of India, which also contributed to the overall cautious sentiment.
In Amalner mandi, new maize prices remained steady, ranging from Rs 1900 to 2050. New maize arrivals have begun to increase, with around 300 tons observed in the mandi today.
With new maize arrivals picking up pace, any significant rise in maize prices in the near term is expected to be challenging, especially with approximately one week remaining for bulk arrivals to develop.
In Karnataka, maize traded almost steady at Rs 2300-2350 per quintal with a negative bias, as small new arrivals from Telangana and Andhra Pradesh added pressure to sentiments. Buyers remained relatively inactive, anticipating increased supplies from the new crop in Telangana and Andhra Pradesh in the coming week.
Bihar maize prices traded steady at Rs 2415-2430 per quintal today, supported by concerns over unfavorable weather conditions in the region. Buyers became slightly more active amid fears of potential delays in maize harvesting due to adverse weather. Given the current scenario, Bihar maize prices are expected to remain steady to firm in the near term.
While weather disturbances uplifted sentiments in the northeastern part of the country, the central part remained unaffected, with clear weather conditions and increasing arrivals.
Some disturbance in Bihar weather was observed today, with the weather department forecasting rains in the coming days for Bihar. If heavy rains and unfavorable weather delay the new crop, we may see some improvement in Bihar maize prices in the near term.
However, any sharp rise in prices is unlikely due to relatively lower-rate imports and ample Rabi crop supply, maintaining a cautious outlook among market participants.
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