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Maize Prices Hold Steady Amid Government Rice Sales to Ethanol Producers

24 Jan 2025 6:29 pm
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Mumbai, 24 Jan (Commoditiescontrol):Maize prices across major markets exhibited range-bound movement with a slight downward bias today, as market sentiments remained cautious following government rice sales to ethanol producers at ₹2,250 per quintal. However, overall sentiment has improved compared to earlier periods.

Premium-quality maize prices held steady, while minor declines were recorded for average-quality maize. Buyer activity remained subdued, with sellers also slowing their pace. A sharp correction in maize prices appears unlikely under the current market conditions.

### Regional Market Highlights:

**Chhindwara: Reduced Arrivals but Steady Prices**

Maize prices in Chhindwara have been consistent at ₹2,300–2,350 per quintal over the past three days. Prices had risen by ₹100–120 per quintal from seasonal lows earlier this year but retraced ₹100 following reports of government rice sales.

Market arrivals have declined significantly to 5,000–6,000 quintals, down from peak levels of 70,000–80,000 quintals. Ethanol producers have resumed purchases in the region over the past two days. Despite a nearly double summer crop compared to last year, overall yields remain below average. The summer crop accounts for less than 10% of the Kharif harvest, with the next harvest expected in two months.

In the short term, maize prices in Chhindwara are expected to remain stable to firm, with limited upside due to moderate buyer activity.

**Southern Markets: Stability with Potential Firmness Ahead**

In Karnataka, daily arrivals to mandis are approximately 5,000 metric tons, with ethanol companies purchasing maize in the ₹2,380–2,400 per quintal range.

In Tamil Nadu, new arrivals range from 300 to 500 metric tons. Prices are trading between ₹2,400 and ₹2,500 per quintal, driven primarily by poultry feed demand. Andhra Pradesh reported steady prices at ₹2,600 per quintal, with no local crop availability.

### Market Outlook

Maize prices in southern markets are expected to remain stable in the immediate term. A firming trend may emerge after the third week of February as new crop arrivals in Tamil Nadu taper off, potentially increasing demand from ethanol producers and poultry feed players.

(By Commoditiescontrol Bureau; +91 98201 3018


       
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