Maize prices steady across the key spot markets due to weak demand from bulk buyers at higher price levels. Despite a slump in demand, any sharp decline in prices was limited due to gradual tapering of supply.
Bulk purchases were on a decline as feed manufacturers are waiting for the prices to fall to comfortable levels.
Despite a decline in demand, prices are seen firming up going ahead as there will be a severe supply crunch in the coming days due to lower availability of the kharif crop.
Mar 19 Corn closed at $3.78 1/4, up 1 3/4 cents. May 19 Corn closed at $3.87, up 1 3/4 cents. Support was from the strength in wheat and sharply higher ethanol. US exported 169.8 million gallons of ethanol in November.
Brazil exported 4.22 MMT of corn during January, slightly above December and 39.8% larger than Jan 2018.