Maize gain as bulk buyers step up purchases

Maize prices remained firm across key spot markets as demand from bulk buyers are purchasing the coarse grain aggressively.

Feed manufacturers have stepped up their purchases anticipating tight supply in coming days after arrivals in Bihar start shrinking. Bihar is the largest grower of rabi maize and arrivals are on full swing in the state.

The most-active May maize, on NCDEX, contract was up 3% at 1,907 rupees per 100 kg.

Corn futures ended the day with most contracts 5 to 11 cents lower ahead of Friday’s monthly WASDE report. USDA indicated that 287,569 MT of old crop corn was sold in the week of May 2, well shy of estimates.

That was just half of the previous week and down 58.66% from last year.

New crop sales totaled just 6,900 MT. A private export sale of 107,000 MT of corn to Columbia for 18/19 delivery was reported through USDA’s daily reporting system this morning.

Monthly trade data from Census shows that 4.77 MMT (187.8 mbu) of corn was exported in March, up 31.9% from Feb but down 26.49% yr/yr.

DDG and ethanol exports were the second largest ever for March, with DDGs at 956,828 MT and ethanol well below last year’s record at 140 million gallons.

Brazil’s corn crop was pegged at 95.25 MMT according to a CONAB update this morning, a jump of 1.25 MMT from April.