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Maize Prices Trade Steady to Firm as Declining Arrivals Support Market Sentiment

13 Dec 2024 6:04 pm
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New Delhi, 13 December (CommoditiesControl): Maize prices held steady to firm across various regions today, supported by declining arrivals, which have helped bolster prices in several key markets. As supplies tighten, there is growing optimism that prices could maintain their upward momentum in the near term.

In the Jalgaon zone, warehouse prices remained stable at INR 2350-2375 per quintal, reflecting the trend observed in recent sessions. Arrivals in the region have been steadily declining, which is expected to continue in the coming weeks.

In Amalner mandi, around 400-500 tons of maize were reported to have arrived today, with prices increasing by INR 15 per quintal to INR 2230-2245. Despite the lower arrival volumes, the mandi has witnessed steady pricing, signaling that the market is absorbing the reduced supply well.

Export demand has also provided a boost, particularly in Mumbai, where prices have risen by INR 20 per quintal to INR 2475-2500 per quintal. Exporters are actively buying as they prepare shipments for loading, though this activity may slow down after the holiday season from Christmas to New Year. Given the current supply-demand dynamics, maize prices in North Maharashtra are expected to trade steady to firm in the short term.

In Karnataka, maize prices have risen by INR 20 per quintal, with warehouse deliveries now quoted at INR 2420 per quintal. Arrivals in several districts have dropped to around 50-60% of their peak levels. However, districts like Chitradurga and Kottur are still seeing good arrivals, as their crops mature later than in other regions. Given the ongoing trend of reduced arrivals, prices in Karnataka are likely to continue moving upwards in the coming weeks.

In Punjab, maize prices have seen a modest increase of INR 20-30 per quintal, with prices now ranging between INR 2625-2650 per quintal. Arrivals in the region have been declining, with daily arrivals falling to around 20,000-25,000 quintals, down from a peak of 75,000-80,000 quintals. This trend is expected to continue, as heavy rains during the harvesting period affected production in the region. Consequently, maize prices are likely to remain firm in the coming weeks.

Rajasthan, one of the highest-priced markets in India, is seeing ex-warehouse prices range from INR 2500-2520 per quintal, while rake loaders are buying at INR 2480 per quintal. Prices in other regions, such as Gulabbagh, have also seen a slight increase, with rates rising by INR 20-30 per quintal to INR 2630-2650 per quintal.

Rumors are circulating that Indian starch players have contracted shipments from Ukraine, with one or two vessels expected to arrive at Vizag port in January 2025. This could add further support to the maize market as the crop from Tamil Nadu, which has been delayed by 15-20 days due to Cyclone Fengal, could further tighten supplies. The cyclone affected around 40,000 hectares of maize, potentially reducing yields by 30-40%. This disruption may drive up demand for imported maize.

Looking ahead, with tighter supply conditions and ongoing export demand, it is expected that maize prices will continue to trade in a steady to firm range in the near term. The impact of weather-related disruptions and reduced arrivals will likely continue to support the market sentiment, keeping prices elevated across various regions.

(By Commoditiescontrol Bureau; +91 98201 3018)


       
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