Prices of maize fell in major spot markets as bulk purchases from poultry-feed makers and other key buyers weakened while arrivals remained largely steady. In Nashik, arrivals were pegged at 500-600 bags (1 bag = 100 kg).
In Nizamabad, arrivals were at 600-700 bags. Bulk demand declined further as most purchasers have bought the stock required for the next few weeks, and are not buying much now. However, framers expect prices of the coarse grain to rise in the coming weeks as a tight supply is anticipated in most key markets due to the ongoing lockdown.
Corn futures rallied back from midday losses and closed with gains. Old crop corn futures were 1 1/2 to 1 3/4 higher, while new crop corn gained as much as 2 1/4 cents. The USDA’s Export Sales report with data from the week ending April 16 showed old crop corn bookings at 726,732 MT (28.6 mbu). That was down 20% wk/wk and was 6.8% lower than the same week last year. Unshipped commitments are at 13.7 MMT and the MY total commitments through week 33 are 35.39 MMT (1.39 bbu), which is 23.2% behind last year’s pace. MYTD corn exports are 49.4% of the USDA forecast, compared to this time last year when exports were 57.3% of the WASDE forecast. New crop corn sales were reduced 55,907 MT, as Mexico cancelled 68,300 MT.