Mumbai, 26 April 2024 (Commoditiescontrol):Maize prices continued to display strength throughout major trading centers in Central and South India, supported by consistent domestic demand and dwindling arrivals.
The Bihar gulabbagh mandi has temporarily closed due to ongoing elections. In Amalner, prices remained stable at INR 2100-2130 per quintal with arrivals declining to approximately 500 MT. Market analysts predict arrivals will continue to dry up until May 8-10.
Maharashtra's Rabi maize supplies lag around 20-25% behind the previous year's output, restricting buyers' options for securing the crop at lower rates. However, import options may prove viable in the coming months.
In Chhindwara, arrivals plummeted to a mere 200 tons, driving prices upwards to a range of INR 2150-2200. The region's new Rabi supply is minimal, forcing buyers to look towards Bihar for maize procurement.
Neemuch line delivery for Bihar maize is quoted at INR 2285 for May 10-30 delivery.
Karnataka has witnessed a maize price surge of INR 50-75 per quintal in the past 10-12 days, triggered by a less-than-expected Rabi crop yield, which falls short of even last year's production. Tamil Nadu buyers currently quote INR 2430 (delivery), with Karnataka's ethanol and starch producers offering slightly lower prices at INR 2400-2410 (delivery).
Buyers in Telangana might also need to turn to the Bihar zone for maize supplies in the coming months, as the state's new Rabi maize production also appears to be weakening.
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