Maize prices across major markets continued to fall due to a decline in demand from the poultry feed makers and starch manufacturers. Bulk buyers are not picking up stocks in large quantities due to sharply higher prices.
The October rabi maize futures contract on NCDEX, however, ended 0.9% higher at 2,140 rupees per 100 kg. Prices on the exchange continued to rise sharply as bulk buyers anticipate a smaller crop this kharif season as well.
Corn futures were 3 cents higher on the day. The delayed EIA weekly report showed an uptick in daily ethanol production by another 8,000 barrels per day, with 971,000 bpd produced for week ending 10/11.
That implies more corn consumption. Ethanol stocks are also up, increasing 817,000 barrels to 22.061 million barrels. September daily production was an average of 48,000 barrels lower, for an approximated 960,000 barrel difference between the two months.
Argentinean corn was reported Thursday afternoon to be 24.2% planted. The department of agricultural estimates from Buenos Aires based that percentage from the 15.814 million acres that are expected to be planted.
US corn export sales for the week ending October 10 are expected to be in the range of 400-800,000 MT in Friday’s export sale report.