MUMBAI (Commoditiescontrol) - In Gulabbagh, Bihar maize prices tumbled to Rs 1,150/100kg level from Rs 1,350/100kg it ruled ruled few weeks back. Bearish tone appeared amid increasing fresh arrivals and a good crop outlook mainly attributed to the price decline especially in Bihar.
According to the sources, the maize crop harvest is in full swing and reportedly around 12-15 percent maize crop harvest has been completed in Bihar. Weather so far remains very congenial for the crop harvesting and drying of the harvested crop.
Currently, the crop arriving in the key markets of Bihar contains 15-16 percent moisture; however, dry and clear weather would favor early drying of the crop.
In Bihar, maize arrivals are expected to gather pace by the last week of April to early May which would further increase pressure on the prices.
In southern states, mainly Andhra Pradesh and Telangana, 55-60 percent of crop is being harvested and rest is expected to complete by last week of April. Currently, whatever the supplies coming in the markets of Andhra and Telangana are consumed locally.
On export front, lower maize prices globally making India’s export unviable which is further keeping prices in check. As per the sources, the current FOB prices of Argentina, Brazil and the US are USD 168, 144 and 164 per metric tonnes respectively whereas Indian FOB prices are around USD 235-238 per metric tonnes.
Given the scenario overall it looks that domestic maize prices to remain weak in coming days on increasing new crop arrivals from Bihar and unviable exports. Besides, the poultry feed manufacturing industries are reportedly buying hand to mouth in anticipation lower prices which would further add to the weak tone.
Sources, believes that Bihar maize prices may fall towards Rs 1,050/100kg level from where stockists may enter into the market besides the feed manufacturers.
(By Commoditiescontrol Bureau; +91-22-40015533)
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