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Maize Prices Show Weak Trend Amid Government Rice Sale Notification

23 Jan 2025 6:11 pm
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New Delhi, January 23 (CommoditiesControl): Maize prices across major markets remained range-bound today, with a slight negative bias, following a weak trend in previous sessions. The market sentiment continued to be under pressure, influenced by reports of the government selling rice at INR 2,250 per quintal to ethanol producers, leading to concerns about price stability in maize.

In Maharashtra, the market saw minimal movement, with good quality maize prices holding steady. However, some slight declines were noted in average quality maize prices. Despite the softening trend, market activity remained subdued, with buyers showing cautious behavior and sellers also slowing down their sales. Market participants suggest that, under the current conditions, a significant decline in maize prices appears unlikely in the near term.

In Karnataka, maize prices traded steady at INR 2,380 per quintal. Despite this, sellers were reluctant to liquidate stocks at these rates. Meanwhile, in Tamil Nadu, prices remained stable at INR 2,495-2,500 per quintal. Ethanol buyers appeared to be positioning themselves to take advantage of any potential price dip. Although some small stockists may sell in a panic, larger sellers and stockists have shown resilience, holding their stocks firmly, providing strong support to current price levels.

In Punjab, maize prices were relatively stable. Ethanol players appeared to be inactive at current rates, while poultry buyers were actively purchasing maize at INR 2,650 per quintal, up from INR 2,600 earlier in the week due to tight supplies. This was a reversal from earlier when poultry buyers had reduced prices to INR 2,600, but with limited availability, they raised prices by INR 50 yesterday. Overall, both buying and selling pressure remained weak.

Meanwhile, in Uttar Pradesh, maize prices took a slight dip, falling by INR 50-70 per quintal to INR 2,600, following the government's rice sale notification. This price reduction came after reports of small stockists selling off their maize in response to the rice price news. However, ethanol producers are gradually becoming more active at current rates, while larger stockholders remain hesitant to sell at these prices, offering a measure of stability in the market.

Overall, the maize market is witnessing a period of weak activity, with both buyers and sellers maintaining a cautious stance. Despite some fluctuations, maize prices are expected to hold steady in the short term, with strong support from stockists.




(By Commoditiescontrol Bureau; +91 98201 3018)


       
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