New Delhi, November 5 (Commodity Control): Maize prices remained generally stable to weak across major markets in India today, largely due to a surge in arrivals. Key states saw a price reduction of INR 10-30 per quintal, driven by an increased supply that has put pressure on prices.
In Chhindwara mandis, approximately 45,000 quintals of maize arrived, with prices ranging from INR 2000 to INR 2450 per quintal. The price for good quality maize decreased by INR 10-20 per quintal. Meanwhile, major rake buyers were active in key centers across Madhya Pradesh, where stockists have started purchasing maize in warehouses within the INR 2320-2400 range.
Karnataka reported arrivals of 19,000-20,000 metric tons, with higher levels of moisture, fungus, and water damage affecting around 50% of the maize. Mandi prices in Karnataka stayed firm at INR 2250-2320 per quintal, while multinational companies began buying at INR 2325-2350. In Bagalkot, rake loading commenced at INR 2335 per quintal.
A cautious sentiment persists among buyers as many await further declines of INR 25-50 per quintal, anticipating better quality arrivals in the coming days. Karnataka poultry producers are currently purchasing maize at INR 2475-2600 per quintal, a decrease of INR 50 per quintal from previous rates, influenced by payment terms. Ethanol and starch companies are also active, buying in the INR 2300-2450 range, reflecting an ongoing softness of INR 25-50 due to arrival pressures.
In Andhra Pradesh, poultry players procured at INR 2575-2675 per quintal, down by INR 25 from the previous session, while Telangana poultry procurement dropped similarly to INR 2525-2625 per quintal. Inquiries in Andhra Pradesh and Telangana are on the rise following the recent conclusion of arrivals there. Prices in Tamil Nadu were down by INR 10, closing at INR 2500 per quintal.
Looking ahead, maize prices in Madhya Pradesh, Karnataka, and Central India could decrease by INR 20-40 per quintal if arrivals continue to climb. However, any significant decline appears unlikely, given the strong demand from ethanol and poultry sectors. Prices in Eastern India are projected to remain steady due to declining dry maize supplies coupled with solid demand, particularly in Bihar where prices held firm at INR 2580-2650 per quintal.
Internationally, Myanmar maize is trading at USD 292 per ton CFR. Two vessels totaling 26,000 tons are expected to arrive in Kolkata and Vizag by November, although recent price hikes in Myanmar have led to a wave of transaction cancellations, as suppliers are reluctant to sell at current prices.
In North Maharashtra, maize prices have been stable to weak, pressured by increased arrivals but buffered by new export demand. Mumbai’s export prices are expected to remain in the INR 2350-2400 range for 14% moisture maize through early November, with Sri Lanka as a primary export destination. Traders favor warehouse sales over exports due to freight savings, yet ongoing export demand could prevent price reductions in warehouses.
With demand projected to be higher than last year, maize prices are expected to stabilize or decline only slightly in the near term, despite increasing arrivals. In North Maharashtra and Eastern India, any drop in prices is anticipated to remain minimal, making it an opportune period for stockists to consider purchasing, as the medium to long-term price outlook remains positive.
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