New Delhi, April 3 (Commoditiescontrol): Maize prices continued to trade steady to weak across major centers as the influx of new arrivals exerts pressure on prices. The market witnessed around 300 MT bags of new maize in Gulab Bagh mandi, leading to prices dipping by approximately INR 20 per quintal to INR 2300 per quintal. Forecasts by the IMD suggest favorable weather conditions, with temperatures expected to rise in the upcoming week, potentially resulting in a significant increase in arrivals in the coming days. Although Assam maize is priced at INR 2200 per quintal, its quality is deemed lower compared to the Bihar crop.
Overall, the crop quality remains satisfactory, and a good grain size is anticipated this season. Bihar maize sowing is reported to be 15-20% higher compared to the previous year. Warehouse bookings have surged notably, with ethanol buyers also looking to stock maize presently.
Despite the increasing arrivals, buyers are actively purchasing new supplies to meet their regular requirements, facilitating smooth transactions in the mandis. Notable increases in arrivals are observed in Bihar, Telangana, and Andhra Pradesh.
Bihar maize prices traded steady to weak, reflecting the pressure from increasing arrivals. In Amalner, new maize prices remained steady at INR 1900-2100 per quintal, with approximately 600 tons observed in the mandi. Similarly, Chalisgaon factory delivery maize prices maintained stability at INR 2275 per quintal till April 15 delivery and INR 2250 per quintal till April 30 delivery.
Despite the rising arrivals, prices in north Maharashtra have remained steady in recent sessions, indicating resistance to sharp declines in the near term. However, with anticipated increases in arrivals, a slight decline of INR 25-50 per quintal is expected in the near term.
In Davengere, maize prices are trading at INR 2300 per quintal, while in consumption markets like Bangalore, prices are slightly higher at INR 2380 per quintal. Supplies from Andhra Pradesh and Telangana are contributing to the market. Meanwhile, in MP Chindwara, prices remain stable at INR 2250 per quintal.
Bihar maize prices are anticipated to decline by INR 150-200 per quintal due to arrival pressure, with future price trends dependent on factors such as active rack indents, demand from Bangladesh, and the purchasing behavior of ethanol producers.
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