Maize prices fell marginally across spot markets as feed manufacturers did not make bulk purchases on expectation of a fall in prices.
Market participants expect prices to decline further on talks that the farm ministry may allow import of 500,000 tn of maize at zero duty. Steep decline in prices were restricted due to lean arrivals.
Arrivals fell as traders are holding back stocks expecting further rise in prices due to a supply crunch. In Nizamabad, arrivals fell to 600-650 bags (1 bag = 100 kg). In Davangere, they were at 650-700 bags.
Corn futures saw fractional gains in most contracts on Wednesday. Ethanol futures hit their highest prices on the continuous chart since last August today. A stronger dollar limited much of any gains.
The weekly EIA report indicated ethanol production rebounding by 62,000 barrels per day in the week of Feb 8 at 1.029 million bpd. Stocks at the end of the week were tallied at 23.466 million barrels, which was down 481,000 barrels from the week prior. All regions were shown with reducing stock totals.
The delayed Export Sales report on Thursday morning for the week of Jan 3 is expected to show 0.5 to 1 MMT in total corn bookings during that week.