Maize prices remained stable to strong in major centers as sellers resisted low bids, prompting buyers to increase their offers after weak performance in previous sessions. Prices increased by 10-20 rupees per quintal in several places, including parts of Karnataka, Tamil Nadu, Punjab, Haryana, and Maharashtra. However, the rise in prices was limited as market participants remained cautious about the potential government approval for ethanol producers to convert Q2, Q3, and Q4 ethanol allocations into FCI rice. Oil Marketing Companies (OMCs) have issued an Expression of Interest (EOI) for this conversion under the Ethanol Supply Year (ESY) 2024-25, with applications open until February 11, 2025. Meanwhile, ethanol manufacturers have shown new interest in purchasing maize , driven by the rising prices of maize DDGS. Previously priced at 1500-1550 rupees per quintal, maize DDGS has now increased to 1650-1675 rupees per quintal, while rice DDGS remains steady at 1800 rupees per quintal. In the Sangli region of Maharashtra, ethanol producers actively bought maize at 2450 rupees per quintal, finalizing deals in the range of 1500-2000 tons. A weaker rupee is expected to support export demand, although current volumes remain low. Fresh maize arrivals have begun in Maharashtra, but bulk supply is unlikely before mid-March. Given the current dynamics, maize prices are expected to remain stable to strong in the near future, with significant price increases unlikely due to strong new crop prospects and policy uncertainty regarding ethanol feedstock conversion.