Mumbai, 31 May 2024 (Commoditiescontrol):Maize prices exhibited mixed trends across major centers today. In Punjab and Uttar Pradesh, prices showed slight weakness due to increasing new arrivals, which exerted downward pressure. Conversely, prices in Central and South India remained steady to slightly firm.
In Bihar, maize prices were firm, trading at INR 2200-2220 per quintal. This firmness was attributed to robust local demand from stockists and adverse weather conditions, which hindered supply to other states.
Demand for Bihar maize is rising in South India as local prices have surged significantly, and imported maize remains unavailable at competitive prices.
In contrast, manufacturers in Uttar Pradesh and Northern India are proceeding cautiously, anticipating the commencement of new supplies from Uttar Pradesh shortly.
Notably, 2-3 trolleys of high-moisture maize arrived in Kasganj mandis yesterday. Arrival volumes are expected to increase from June 5th, with only a few trolleys arriving until then. Almost all warehouses in the Etah and Kasganj regions are fully booked, indicating potential aggressive buying once new crop arrivals hit the mandis.
Imports have reached 3.5-4 lakh tons as of May and are projected to reach 0.9-1 million tons by September, according to market participants.
In regional markets, Tuticorin traded at INR 2530 per quintal, Karnataka at INR 2620-2630 per quintal, and Sangli at INR 2580-2600 per quintal. Prices in Maharashtra and the South zone have firmed over the past 2-3 weeks.
Overall, maize prices may correct by INR 500-700 per ton. However, a significant decline is unlikely due to strong expected demand from stockists, ethanol producers, and the poultry sector.
(By Commoditiescontrol Bureau; +91-9820130172)
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