Maize prices declined marginally across key markets of Bihar today as arrivals rose further. In Purnea, arrivals were pegged at 40,000 bags (1 bag = 100 kg).
In major markets of south India, maize prices rose due to firm demand from bulk buyers amid a sharp fall in arrivals. In Nizamabad, arrivals halved to 1,000 bags (1 bag = 100 kg).
Prices of maize, however, are seen falling in the coming days as demand is seen falling further. On the National Commodity and Derivatives Exchange, the most-active July contract ended at 1,260 rupees per 100 kg, up 0.5%.
The Tuesday session ceased with front month corn futures 2 3/4 to 6 cents lower. Old crop corn was down the most with 5 1/4 to 6 1/4 cent losses in July and Sept. May ’21 closed at $3.62 1/4. New crop corn was 97% planted and 89% emerged as of June 07.
MN, NE, NC were all reported at 100% planted. ND emergence was reported at just 50%, compared to their 77% average. Corn conditions were a 385 on the Brugler500 index. CO and KS ratings were among the lowest as the regional dryness takes effect, their ratings were 346 and 358 respectively. Traders anticipate USDA to show 15.917 bbu of new crop production on a 178.3 bpa yield. That would be down 77.6 mbu and 0.2 bpa respectively if realized. CONAB lowered their estimate for Brazil’s 2nd crop by 1.6 MMT, with the forecasted total production at 100.99 MMT.
USDA will update their forecast for the South American nation on Thursday, analysts are on average anticipating a cut to 99.5 MMT. Traders also foresee a drop in USDA’s Argentina forecast. The average trade guess is for the WASDE to show 49.8 MMT for Argentina corn production.