New Delhi, May 06 (Commodities Control): Today, the maize market in Bihar continued its steady trend, buoyed by active rack loading and godown stocking, which provided robust support to prices. At the Gulabbagh mandi, maize prices surged by INR 10 per quintal, reaching a range of INR 2080-2110 per quintal. The increased activity of godown stockists further fueled the market's momentum.
Despite the positive local market dynamics, the looming possibility of rain in the near term added an element of uncertainty. This factor, combined with other market forces, shaped the day's trading landscape.
Rack buyers responded to the market conditions by increasing their bids, pushing prices up by INR 10-20 per quintal, with the range settling between INR 2060-2100 per quintal. However, the bulk south buyers exhibited less enthusiasm for Bihar's maize, opting for relatively cheaper imports from Myanmar.
The import-export dynamics played a pivotal role in shaping market sentiment. The domestic prices remained relatively high, discouraging Indian maize exports and prompting imports from countries like Myanmar and Ukraine. Approximately 2.5 lakh tons of maize are anticipated to be imported from Myanmar, despite some logistical hurdles such as canceled vessels and delays in port receipts at Tuticorin.
Trade deals for imported maize are being struck at USD 258-265 (INR 21520-22100) per ton CNF for Tuticorin port. Imported stocks are also being offered at INR 2380 for loading between May 20-25, with a lifting window of 15 days at Tuticorin port.
Given the arrival of imported maize supplies, market analysts suggest that a significant upward movement in Indian maize prices in the near term may be challenging to achieve.
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