Mumbai, December 11 (CommoditiesControl): Maize prices have remained steady today, with warehouse activity slowing down, putting pressure on prices. However, regular rake loading has limited the extent of the price decline.
In the Jalgaon zone, warehouse prices were quoted at INR 2,350-2,375 per quintal, consistent with the previous session. Warehouse buying is slowing as a significant portion of warehouses have completed their buying. Additionally, supply pressure from areas like Sillod (ghat line) is keeping prices under pressure.
In Amalner mandi, arrivals totaled around 400-500 tons today, down from 700-800 tons last week. Peak arrivals had previously been between 1,500-1,600 tons, and it is expected that arrivals will remain within this range in the coming weeks.
On the export front, demand in Mumbai is reported at INR 2,430-2,450 per quintal. Given the current scenario, maize prices in the North Maharashtra zone are expected to remain steady to firm in the near term.
In Karnataka, arrivals have increased to around 40,000 tons compared to 30,000 tons last week. Prices for quality supplies have improved by INR 20 per quintal to INR 2,400 per quintal warehouse delivered. Regular buying from warehouse players suggests that maize prices in the region are likely to remain rangebound in the near term.
While arrivals have declined to around 50-60% of their peaks in several districts of Karnataka, areas like Chitradurga and Kottur are seeing steady arrivals, as their crops are harvested later.
In Punjab, ethanol grain buyers have reduced their prices by INR 5 per quintal to INR 2,670 per quintal due to good supplies from Madhya Pradesh and Karnataka.
In Madhya Pradesh's Chhindwara mandi, prices remained steady at INR 2,250-2,300 per quintal, with ex-warehouse prices ranging between INR 2,380-2,400 per quintal, depending on quality. Farmers are continuing to bring supplies within this price range, though arrivals are expected to decline after a few weeks due to the impact of heavy rains on production.
Rajasthan ex-warehouse prices were quoted at INR 2,500-2,520 per quintal, among the highest in India, with rake loaders buying at INR 2,480 per quintal.
Gulabbagh maize prices were steady at INR 2,600-2,650 per quintal. Two vessels from Myanmar have arrived at Kolkata port, priced between USD 285-288 per ton. However, a significant price decline is unlikely, as the market has already accounted for these imports, particularly with strong demand from the poultry and ethanol sectors.
Given the current supply dynamics, maize prices are expected to remain stable for the next few weeks. However, as supply diminishes, a notable increase in prices is anticipated after this period.
(By Commoditiescontrol Bureau; +91 98201 3018)
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