New Delhi, July 2 (Commoditiescontrol): In Gulabbagh mandi, maize traded steady at INR 2350 per quintal, while the best quality was sold at INR 2450 per quintal, and godown delivery traded at INR 2400-2420 per quintal.
Bad weather has affected maize quality, leading to higher demand for good quality maize. South poultry players remain active at current rates but may need to consider alternatives like Bajra and broken rice as maize supplies are declining rapidly due to the monsoon season and stockists' reluctance to sell at lower rates.
Slow maize arrivals in Uttar Pradesh due to rains are supporting prices, with mandi prices trading at INR 2170 per quintal, up by INR 10 per quintal from the last session. Maharashtra Pune UP line traded up by INR 20 per quintal at INR 2770-2780 per quintal. Karnataka origin prices remained steady at INR 2550 per quintal, and in consumption markets, traded at INR 2700-2720 per quintal.
Maize imports from Myanmar at Tuticorin ports have reached around 2.5 lakh tons, and almost all imported supplies have been sold by importers and traders. Prices in the South are not declining as poultry demand has not been met by the domestic shortfall in production.
As of June 28th, Kharif maize sowing reached 23.53 lakh hectares, up by 300% from the same period last year. Given the current maize price realization, expectations of bumper sowing are growing stronger, which could pressure prices. However, ethanol demand is currently providing strong support to maize prices.
Based on the current situation, Bihar maize prices are expected to remain relatively stable in the near term. Prices may see a slight increase in the medium term, as new Kharif supplies will only be available in India from October. Nonetheless, the government's decision to permit imports at a concessional rate is likely to temper any significant price increase in the medium to long term. This is due to the possibility that the government may increase the quantity of imported goods at a concessional rate in the coming months if prices rise considerably.
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