Maize prices down on weak buys Maize prices continued to ease across key spot markets yesterday as bulk purchases by feed manufacturers remained weak at higher price levels.
In key spot markets of Bihar, the largest maize grower in the rabi season, prices eased due to a rise in arrivals. In Purnea, arrivals were pegged 20,000-25,000 bags (1 bag = 100 kg) today, compared with 15,000-18,000 bags on Monday.
Feed makers bid to import entire 100,000 tn maize as allowed by govt
Feed manufacturers, including the poultry and starch sectors, have bid to import 100,000 tn feed-grade maize at a 15% import duty under the tariff-rate quota. The National Agricultural Cooperative Marketing Federation of India had invited bids after the government allowed an import of 100,000 tn maize following acute supply shortage.
Spot maize prices had touched a record high of 2,300 rupees per 100 kg in December owing to supply shortage. Prices, however, have corrected but are still sharply higher on year.
May 19 Corn closed at $3.51 1/4, down 3 1/2 cents Corn futures settled Tuesday with 1 to 3 1/2 cent losses, as all 2019 contracts posted life of contracts lows. Forecasts for the next week should allow for some field work to pick up across parts of the Corn Belt. Spillover from soybeans was also seen as pressure.
None of the 18 reported states were shown ahead of their average pace for planting in Monday’s Crop Progress report. Last year turned out OK on yield, so the market isn’t getting excited yet.
The average US cash price for corn on Tuesday via cmdtyView data is $3.29 1/2, down 27 3/4 cents from last year. That would peg basis at -21 1/2 cents, 9 3/4 cents stronger than the same time in 2018.