Prices of maize also fell across key spot markets as feed manufacturers avoided making bulk purchases at higher rates. Prices have risen sharply during the last few weeks due to a persistent supply crunch.
Despite a weakness in demand, prices are seen edging up in coming days as the supply crunch is likely to persist until the rabi crop from the current season starts arriving.
At Davangere, maize arrivals were pegged at 800-900 bags (1 bag = 100 kg), compared with 1,000 bags from previous arrival. In Nizamabad, Telangana, arrivals were estimated at 600-700 bags.
Corn futures settled with most contracts steady to a penny higher. USDA Export Inspections report indicated that 901,214 MT of corn was shipped in the week that ended on January 31.
That was a 6.96% drop from the week prior and 17.57% below the same week in 2018. Japan was the top destination of 305,213 MT, with 208,774 MT headed to Mexico.
The delayed January Grain Crushing report showed a total of 454.533 mbu of corn was crushed for ethanol during November. That was down 1.2% from October and 4.44% below Nov 2017.
The February report (December data) will be delayed until February 22.