Maize prices declined for the second straight day as arrivals rose sharply in key spot markets.
Arrivals of the fresh crop are in full swing in Bihar-the largest producer in the rabi season. In other states, too, it rose as stockists wanted to offload their stock at higher price levels.
In Purnea, Bihar, arrivals were pegged at 4,000-5,000 bags (1 bag = 100 kg) higher at 30,000-32,000 bags.
In Nizamabad, arrivals were pegged at 4,000-5,000 bags, compared with 3,000 bags.
On NCDEX, maize futures rose as traders anticipate a sharp rise in prices after the arrivals from Bihar dry up. The most-active June maize contract rose 0.5% to 1,860 rupees per 100 kg.
Corn futures closed the session with most contracts 1 to 2 1/4 cents higher.
The weekly Crop Progress report on Monday showed IL at just 10% planted, lagging the average of 66%, with IN 3% complete and SD still at 0%.
None of the 18 states reported were ahead of normal pace, with NE at 35% and IA 36% planted. Forecasts for the next few days still look wet.
The US crop is 6% emerged, vs. the 13% average. A Reuters survey expects 18/19 US corn ending stocks to be up 20 mbu from April at 2.055 bbu. Initial new crop estimates are 2.131 bbu for corn carryout.