India Spot maize prices up on firm buys. Maize prices continued to rise across key spot markets because of an upbeat demand from bulk buyers, despite steady arrivals.
Purchases from bulk buyers remained firm as market participants see lower kharif crop available with farmers and stockists.
Prices are likely to edge higher going ahead as feed manufacturers are stocking up the coarse cereal in anticipation of kharif inventories drying up by March. Arrivals in Davangere were pegged steady at 1,000-1,100 bags (1 bag = 100 kg).
Even if the government permits maize import, prices are unlikely to decline sharply in the near term as overseas shipments will take time to arrive.