Maize prices stable in key markets

Maize prices in key markets of Maharashtra remained stable as the current supply was sufficient to meet the demand. However, due to cloud cover and light rainfall in some areas, harvesting was delayed, leading to lower-than-expected new arrivals. In Pune and Nashik, poultry line prices also remained stable, reflecting a steady demand-supply dynamic. The price of maize delivered from warehouses was reported at 2,240-2,250 per quintal, and trading was observed at these levels. Although no significant rainfall has occurred yet, any rain in the coming days could support prices in the short term. On the other hand, in the absence of rain, prices could fall by 20-30 per quintal, though a drop below 2,200 is unlikely. Support for the market has come from consistent export demand at 2,450 from Mumbai. Maize from Telangana was being delivered in the Sangli market at 2,380-2,400 per quintal (pure). Buyers who were unable to secure supply at 2,370 were forced to increase bids by 20-30 to secure purchases. While arrival is expected to increase in the coming days, buyer participation remains limited. However, any delay in the crop due to rainfall could lead to reduced supply and support prices. In Bihar, maize prices remained stable in the morning session due to weak arrivals after the recent holidays. In Gulabbagh, maize was traded at 2,280-2,300 per quintal. However, today, clear weather was reported. Forward contracts for delivery until April 15 were being executed at 2,150-2,200 (spot). No trades below 2,150 have been reported after mid-April, reflecting bullish sentiment between stockists and processors. Many buyers plan to start stocking from mid-April, anticipating that prices will not fall below 2,130-2,150. Last year, prices in Gulabbagh had fallen to around 2,070, but aggressive buying led to a sharp rise to 2,250. Although some rake-forward trades were made at 2,100-2,130, purchasing at these lower levels may be difficult in the current market situation. There is an expectation of increased arrivals in the coming days, which could pressure prices in the short term. However, with stabilization likely by the end of April, the downside may remain limited. In Karnataka, maize arrivals are expected to be around 500 metric tons. Stockists are currently selling maize at 23,500-24,000 per ton, which is 500 lower than the previous session. In Tamil Nadu, 2,000-2,500 tons of maize have arrived, with prices remaining stable at 25,000-25,250 per ton. The market in Tamil Nadu is expected to remain firm as maize from Bihar is expected to reach 25,000 per ton (22,000 base price + 3,000 freight) in May. Additionally, rake loading has started in Araria district of Bihar, which could further increase arrivals and potentially impact the market dynamics.

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