New Delhi, June 19 (Commoditiescontrol)* – Maize prices traded in a rangebound manner with a positive bias across major centers in India on Wednesday. Active stockists supported prices, although gains were limited by increasing new arrivals from Uttar Pradesh (UP). Sentiment in the maize market was further bolstered by the slow progress of the monsoon.
In Kasganj mandi, prices remained steady at INR 2030-2050 per quintal, with arrivals reported at 1500 tons. Prices were supported by weaker-than-expected yields and active stockist activity.
In Kannauj, motorcut prices were quoted steady at INR 2150-2160 per quintal, with around half of the loading destined for Maharashtra. Karnataka buyers are becoming more active as supplies from other areas dwindle, though it remains to be seen if UP maize can meet their needs.
Gulabbagh prices increased by INR 10 per quintal, now quoted at INR 2260-2280 per quintal. Prices in Bihar have been rising over the past week due to declining arrivals and rain damage affecting both the quality and quantity of maize yet to be harvested. Improved demand from South India is also supporting prices, indicating that Bihar maize prices are likely to trade steady to firm in the near term.
Tamil Nadu reported imported maize prices at INR 2560-2570 per quintal for July delivery and INR 2520 per quintal for spot delivery. Guntur prices remained steady at INR 2430 per quintal.
In Haryana/Punjab, delivery prices for local maize increased to INR 2300 per quintal, up by INR 60-80 per quintal over the last 8-10 days due to active stockist activity and lower than expected yields. As Haryana mandi arrivals decline, buyers will soon have to rely on UP maize, currently delivered at INR 2320 per quintal.
Maharashtra's Pune maize line and Nasik line traded steadily at INR 2550 and INR 2525 per quintal (delivery cash rate), respectively. Some bulk starch-producing buyers from Gujarat and Maharashtra imported maize from Ukraine last week (50 thousand tons) and are likely to continue imports, reducing their activity in the domestic maize market for now, which could limit a sharp rise in Maharashtra maize prices in the near term.
Overall, despite weak domestic supplies and strong domestic demand, maize prices are expected to remain firm in the medium term.
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