New Delhi, July 4 (CommoditiesControl): The price of maize at Gulabbagh mandi has seen a significant increase today, rising by INR 30-40 per quintal to reach INR 2410-2420 per quintal. The finest quality maize was sold at INR 2510 per quintal, marking an increase of INR 30 from the previous session. Godown delivery was traded at INR 2400-2420 per quintal for FAQ maize. Most supply deliveries are occurring outside of Bihar, resulting in decreased local arrivals.
At Tuticorin port, spot imported maize prices have surged to INR 2700-2720 per quintal, an increase of INR 40-60 from the last session. Factory delivery rates are currently between INR 2850 and 2870 per quintal. Approximately 2.5 lakh tons of maize have been imported from Myanmar, with most of the imported supplies already sold. The southern region is not experiencing a decrease in prices due to the domestic production deficit, which has not met the demand for poultry feed.
In Uttar Pradesh, mandi prices have traded at INR 2190 per quintal, up by INR 10 from the previous session. This increase is supported by slow maize arrivals due to rainfall, leading local merchants to hesitate in selling at current rates.
Maharashtra's Pune UP line saw an increase of INR 20 per quintal, reaching INR 2770-2780 per quintal. Supplies remain limited, and local stockists are reluctant to sell at lower rates. Jalgaon market prices are currently quoted at INR 2600 per quintal, an increase of INR 20. Prices for Karnataka provenance were stable at INR 2550 per quintal, while consumption markets saw prices fluctuate between INR 2700 and 2720 per quintal.
Starch producers are receiving consistent supplies from Kandla port, which has imported around 2.8 lakh tons of maize over the past 4-5 months. However, the maize market in Ukraine is experiencing higher prices due to low production, with the anticipated delivery price for new Ukrainian maize at INR 2400 per quintal, representing an increase of INR 100-150 from the previous shipment. TRQ maize supplies are expected to be delivered in 50-60 days if the government decides to import within the next 1-2 weeks, indicating a weakened supply situation in the short to medium term.
As of June 28, Kharif maize sowing had increased by 300% from the same period last year, reaching 23.53 lakh hectares. The anticipation of a bountiful maize harvest is bolstered by the current maize prices. This could result in a slight increase in prices; however, the current ethanol demand is providing substantial support to maize prices.
Given these circumstances, it is anticipated that maize prices in Bihar will remain relatively stable to firm in the near future. Since new Kharif supplies will only be available in India from October, prices may experience a modest increase in the medium term.
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