New Delhi, January 17 (CommoditiesControl): After a series of declines in recent sessions, maize prices traded mixed across major markets today, with a subdued atmosphere prevailing among both buyers and sellers. Profit booking from stockists had previously exerted downward pressure on prices, and while buyers have been hesitant to engage at the current levels, sellers have also been relatively inactive in the market.
In North India, Madhya Pradesh, and Gujarat, maize prices traded steady to slightly weak, while Maharashtra and Tamil Nadu saw prices remain almost steady. In contrast, prices in Karnataka were steady to slightly firm.
Tamil Nadu maize prices held steady at Rs 2480-2500 per quintal. However, with the upcoming increase in new crop arrivals, some slight decline is expected in the coming days, sources noted.
In Sangli, maize prices have recently declined by Rs 50 from their peak but have remained stable in recent sessions at Rs 2500-2525 per quintal. Similarly, in Karnataka, maize prices improved by Rs 10-15 per quintal, reaching Rs 2440 per quintal at several centers. Arrivals in Karnataka have decreased by over 10% from their peak levels, according to Sangli-based sources. Trade activity remains subdued due to the ongoing festive season, with both buyers and sellers exercising caution.
In Maharashtra, maize prices remained almost steady, with sluggish activity observed on both the buying and selling sides. Arrivals across major centers have declined significantly, with Amalner reporting less than 50 tons today, compared to the high of 1,600 tons earlier.
On the export front, Mumbai-based exporters are quoting prices between Rs 2,550-2,575 per quintal, but export buying activity remains muted, reflecting limited overseas demand for now.
In a related development, the Food Corporation of India (FCI) has repriced rice for ethanol distilleries at Rs 2250 per quintal. A total of 2.4 million tons of rice have been allowed in Cycle 3 of the ethanol tender for ESY 2024-25, with an option of up to 110 crore liters. This move may bring some softness to maize prices due to potential panic selling, while the arrival of Tamil Nadu’s new crop could help stabilize prices in the short term.
(By Commoditiescontrol Bureau; +91 98201 3018)
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