Price of maize fell in Davangere, Karnataka, because of new crop arrivals from Bihar, a major producer state. Today, 3,000 tn of new maize arrived in Bihar markets. In Davangere, maize was sold at 2,200 rupees per 100 kg, down 50 rupees from previous close.
Arrivals, however, were unchanged at 1,000 bags (1 bag = 100 kg).
Maize prices may fall further in coming days. Prices are down even in Tamil Nadu, Bengaluru and Bihar. The government has set 2019-20 (Jul-Jun) output estimate for maize at 28.9 mln tn against 27.8 mln estimated in 2018-19.
up 3 3/4 cents
Corn futures ended the Friday session with most contracts 2 to 4 cents higher, as specs were covering their shorts ahead of the weekend. May corn was down 2.02% on the week. The 7-day QPF shows up to 3-4 inches of moisture for parts of the ECB, with IA seeing 1-2 inches forecast. The 8-14-day outlook also shows above normal chances for precip in most of the country.
Friday’s Commitment of Traders report indicated spec traders in corn futures and options stretched their net short position to a record 322,215 contracts as of April 23. Commercials were reported at a record net long 47,097 contracts.
Commitments for 18/19 corn exports are now 8.9% lower than last year, with accumulated shipments up 14.05%. Unshipped sales are lagging, down 41.72% from last year. Total commitments are 78% of USDA’s full year export projection, vs. the normal pace of 87%.