New Delhi, June 27 (Commodities Control): Despite the government's decision to permit maize imports at concessional duty, Bihar maize prices continued to trade steadily today. Sellers showed reluctance to sell at lower rates, contributing to the stability. Although a few buyers quoted slightly lower prices, the majority of buyers maintained almost steady rates.
Regular domestic buying and declining arrivals have been supporting the maize prices. Recent rains in Bihar have caused delays in arrivals and have also impacted the quality and quantity of the maize.
In Gulabbagh, prices remained steady at INR 2300-2400 per quintal. A slight downtrend of INR 10 per quintal was observed for lower quality maize, while good quality maize prices held steady.
Approximately 60-65% of Bihar maize has been delivered out of the state, around 15-20% is in stocks, and 15-20% remains with farmers and in the fields. South buyers continue to show interest in Bihar maize, with several rakes delivered to Karnataka's Bagalkot zone at around INR 2600 per quintal and Tamil Nadu at around INR 2650 per quintal.
Karnataka has reported maize sowing on 898,900 hectares, significantly higher than the 125,400 hectares sown last year. As one of the major maize producers in India, Karnataka plays a crucial role in the market trends.
In Uttar Pradesh, Motor cut prices held steady at INR 2180-2190 per quintal, though most sellers were hesitant to sell at these rates. Rack loading prices were down at around INR 2250 from this area. Starch-producing companies are less active in the market due to receiving imports from Ukraine, while domestic poultry businesses are actively purchasing maize, uncertain about future quality supplies due to rain damage in Bihar and upcoming rains in UP.
Ethanol buyers are purchasing maize at INR 2300-2320 per quintal and are expected to remain active until prices reach INR 2500 per quintal. Gujarat, Maharashtra, and Haryana/Punjab buyers are also actively purchasing maize from UP, but a truck shortage and seller reluctance to sell at current rates have been noted. Anand (Gujarat poultry) trades are being made at INR 2510-2520, Nasik and Pune trades at INR 2650 and INR 2700 respectively for UP maize. Rajasthan (Ajmer/Sumper) trades are at INR 2400-2450, and Haryana/Punjab trades are at INR 2320-2340.
Despite the government's allowance for imports at concessional duty, most stockists are hesitant to sell at current rates, anticipating that the shortfall in ready supply cannot be met immediately by these imports, which are expected to arrive in 40-50 days. Stockists also believe there will be a significant weakness in Bihar supplies in the near future. While some buyers have decreased prices, most stockists believe that paper orders will not immediately increase the supply in Bihar.
Given the current scenario, Bihar maize prices are expected to remain steady in the near term. Prices may rise again in the medium term as new Kharif supplies will only be available in India from October. However, the government's concessional duty on imports is likely to limit any sharp price increases in the medium to long term, with the possibility of increased import quantities if prices rise significantly.
(By CommoditiesControl Bureau: +91-9820130172)
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