Maize prices ramain flat 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 500-550 bags (1 bag = 100 kg), about 200 bags lower. In Davangere, arrivals were pegged at 500-600 bags.
Mar 19 Corn closed at $3.74 3/4, down 4 cents. Corn futures felt pressure from the rest of the grain complex, showing losses of 2 to 4 cents in most contracts.
Export old crop sales in the week of January 3 at 459,822 MT. That was down from the week prior but still 5% above the same New Year’s week last year.