Maize, prices across key spot markets fell marginally as demand from bulk buyers fell at higher prices. The decline was limited due to a fall in arrivals.
Maize futures on the NCDEX, however, rose as market participants expect a severe supply shortage in the coming days.
The most active August contract ended at 2,180 rupees per 100 kg, up 1.4%.
Corn futures closed session 4 to 5 3/4 cents higher in the nearby contracts. The weekly Crop Progress report indicated that 78% of the US corn crop was silking as of Sunday (93% avg), with 23% in the dough stage (42% avg).
Condition ratings slipped 1% to 57% gd/ex, with the Brugler500 Index down 3 to 351. USDA Export Inspections data showed 631,289 MT of corn shipped in the week that ended on August 1.
That was down 5.45% from the week prior and less than half of the same week last year. The larger South American crop and huge FOB premiums to the US are playing a role this year.
A Farm Futures survey shows estimated corn planted acreage at 83.5 million acres for 2019, with yield projected at 167.2 bpa and production at 12.723 bbu. IEG Vantage (formerly Informa) pegged yield at 167.8, with production at 13.857 bbu. That’s a big difference of opinion