Maize prices across major markets fell due to a decline in demand and a rise in supply. Demand remained weak as bulk buyers are not purchasing the crop with higher moisture content.
Arrivals were pegged at 25,000 bags (1 bag = 50 kg), up 5,000 bags. About 20-30% of the total arrivals have a higher than acceptable moisture content.
Maize futures contracts on NCDEX were not traded yesterday.
Corn futures were steady to fractionally higher by Tuesday’s close. The cmdtyView National Corn Price Index is at $3.69, up 43 3/4 cents from the same day last year.
National basis was pegged at -19 cents, 25 1/4 cents stronger than the same harvest period in 2018. Dry weather over the next week in the bulk of the Corn Belt should allow for harvest progress to continue.
Conditions on Monday saw ND lost another 6 points, with MI down 3. Ratings in IL were up 5, with IN jumping 4 points and NE 6 points higher. Ukraine’s ag ministry estimates the country’s 2019 corn crop will total 32.8 MMT, down 3 MMT from 2018.