A decline in arrivals of fresh crop supported prices of maize across key spot markets. However, weak demand from flour millers capped the rise in prices. Demand for fresh kharif maize crop is likely to remain weak in the coming days due to a high moisture content at 25-30%, against the acceptable limit of 13-14%.
In key markets of Maharashtra and Karnataka, supply were up but demand remained weak for the poor quality crop. Futures contracts of maize on NCDEX were not traded yesterday.
Corn futures closed 2 1/2 cents to 3 cents lower after Wednesday’s round of trading. Brazil’s CONAB slightly lowered their 19/20 corn production forecast, down 30,000 MT to 98.37 MMT.
The Nov WASDE projects 101 MMT of Brazilian corn. CONAB corn exports for the 19/20 MY remained UNCH at 34 MMT, which was down from the 18/19 record of 39 MMT corn exports but more bearish than the trade had hoped.
The weekly EIA report will come out tomorrow, following the Veteran’s Day break.