Maize prices continued to decline as purchases from feed manufacturers did not pick up. Bulk buyers have reduced their purchases as they are waiting for prices to come down to comfortable levels.
Price of the coarse cereal shot up recently due to severe supply crunch. Prices are seen firming up in coming days as supply will remain tight till the new crop from the current rabi season starts arriving.
Arrivals of maize across key spot markets remained steady.
Corn futures closed steady to a penny lower, following disappointing ethanol production data.
The weekly EIA report showed production at 967,000 barrels per day in the week of February 1, which was down 45,000 bpd from the previous week. That was the lowest production (and implied corn use) since the week of October 6, 2017.
Stocks of ethanol were down that week, but only by 33,000 barrels to 23.947 million barrels, as the Gulf was the only regions to show a wk/wk reduction.
November US corn exports were finally confirmed at 5.105 MMT (200.96 mbu), which was down from October but nearly double that month in 2017.