New Delhi, April 2 (CommoditiesControl): Bihar maize prices witnessed a steady to weak trend today as the arrival of new arrivals continued to exert downward pressure on prices. Approximately 600 metric tons of new maize reached the Gulab Bagh mandi, resulting in prices declining by approximately INR 20 per quintal, settling at INR 2300-2320 per quintal. Weather conditions remain favorable, with temperatures expected to rise in the coming week as per the forecasts by the Indian Meteorological Department (IMD), thereby indicating a potential surge in arrivals in the coming days.
Despite the increasing arrivals, overall crop quality remains satisfactory, with expectations of good grain size this season. Maize sowing in Bihar has recorded a notable increase of 15-20% compared to the previous year. Warehouse bookings have surged, with ethanol buyers also showing interest in stocking maize.
Buyers are actively purchasing new arrivals to meet their regular demand, facilitating smooth transactions in the mandi. However, across major centers, maize prices continued to trade steady to weak, primarily driven by the influx of new arrivals. Similar trends were observed in Telangana, Andhra Pradesh, and north Maharashtra.
In Amalner, new maize prices remained steady at INR 1900-2100 per quintal, with around 600 tons arriving in the mandi. Chalisgaon factory delivery maize prices held steady at INR 2275 per quintal for April 15 delivery and INR 2250 per quintal for April 30 delivery.
Despite the stability in prices in north Maharashtra, a slight decline of INR 25-50 per quintal is anticipated in the near term due to the anticipated increase in arrivals. In Davengere, maize prices stood at INR 2300 per quintal, while in Bangalore, prices reached INR 2380 per quintal, with supplies coming from Andhra Pradesh and Telangana. Maize prices in MP Chindwara remained steady at INR 2250 per quintal.
Looking ahead, Bihar maize prices are expected to face further downward pressure, with a potential decline of INR 150-200 per quintal due to arrival pressure. However, the future price trend will hinge on factors such as active rack indents, demand from Bangladesh, and the purchasing behavior of ethanol producers.
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