New crop arrivals and govt. rice sales to ethanol firms weigh on maize prices
Maize production has been good this season in Madhya Pradesh, Rajasthan, and Maharashtra. However, the market is currently under pressure. The government's decision to sell rice to ethanol companies at ₹2250 per quintal has impacted demand for maize, leading to a decline in market sentiment. At present, maize from Madhya Pradesh is being sold in Haryana and Punjab at around ₹2450 per quintal, while lower-quality lots are being quoted at ₹2400 per quintal. Market experts anticipate a further price correction of up to ₹100 per quintal before the new crop hits the markets in full swing. Meanwhile, new maize arrivals have begun in small quantities from regions in Bihar such as Khagaria, Begusarai, Darbhanga, Gulabbagh, and Purnia. Although the starch and poultry industries are currently buying from the existing crop, there is little room for a price rally at this point.