Maize prices in major spot markets fell as bulk demand from feed makers remained weak. Arrivals in Nashik were peggedsteady at 700-800 bags (1 bag = 100 kg) and supply in Nizamabad was also largely unchanged at 700-800 bags.
Bulk purchases by the poultry industry and animal-feed makers have been subdued as consumption of poultry products declined due to rumours that broilers and eggs were carriers of the novel coronavirus.
An outbreak of African Swine Fever in Assam is also seen hitting demand in northeastern states as culling pigs is the onlyoption. A decline in feed consumption due to the virus may also hit demand for maize, a key component of animal feed, in the region.
Tuesday trading in corn futures added 1/2 to 1 1/2 cents to Monday gains. The 05/19 national average corn basis from cmdty View is 28.44 cents under July, which is a penny weaker yr/yr.
CFAP payments will apply to unpriced corn inventory as of Jan 15, half of the inventory will use CARES rate (32 cents/bu) and the other half will use the CCC rate (35 cents/bu). The CFAP payments are limited to $250,000/person.
Signup appointments will be available from May 26. Brazil’s AgRural lowered their forecast for 2019/20 2.3 MMT from their previous estimate. The agency sees Brazil corn production at 97.7 MMT with 66.7 MMT 2nd crop.