Mumbai, April 25 (Commoditiescontrol): Maize prices in Bihar remained steady to slightly up today, supported by active rack loading and godown stocking, which boosted the market sentiment. The ongoing elections in the region contributed to slower-than-expected arrivals, further supporting prices.
In Gulabbagh mandi, around 3000+ MT of new maize arrived, leading to a modest increase in prices by INR 10 per quintal, with prices quoted at INR 2050-2080 per quintal. However, arrivals remained somewhat subdued due to the ongoing elections in the region.
It is anticipated that after the elections conclude in a day or two, arrivals would likely increase again. However, the extent of price decline would depend on the aggressiveness of stockists during that period. If stockists enter the market aggressively, it is unlikely that maize prices would witness a significant decline.
Conversely, if stockists do not enter the market aggressively despite increased arrivals, prices are still expected to decline by more than INR 20-30 per quintal, given that ethanol producers are actively buying maize at INR 2300 per quintal for delivery, which is around INR 2080-2100 in the spot market.
Meanwhile, maize prices have been gradually increasing across major Rabi maize-producing regions such as Telangana, Karnataka, and Maharashtra. This upward trend in other regions is likely to limit any significant decline in Bihar maize prices.
In North Maharashtra, maize mandi prices were quoted at INR 2100-2130 per quintal, marking an increase of INR 30 per quintal compared to last week. Arrivals in Amalner mandi were observed at around 500 MT, almost half of their peak.
Similarly, prices in Gokak were quoted at INR 2410 per quintal, up by INR 40 per quintal from last week, while Hyderabad zone prices stood at INR 2400, reflecting an increase of INR 40 from last week.
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