Maize prices eased further as demand from bulk buyers remained weak at high prices. Prices also fell due to a sharp rise in arrivals.
“Prices will remain weak in the near term as arrivals of the new crop will start in full swing within a fortnight. On NCDEX, however, maize futures rose as traders anticipate an acute shortage after Bihar supplies dry up.
The June contract ended at a three-week high of 1,942 rupees per 100 kg, up 4% from the previous close.
May 19 Corn closed at $3.52, up 3/4 cent
Corn futures closed with fractional gains in most contracts. Losses in wheat were limiting those corn gains, as the nearby KC wheat/corn spread is the tightest since December 2016. Weather forecasts expected to push back already delayed planting were supportive. The afternoon Crop Progress report showed 15% of the US crop planted as of Sunday. That is even with last year but down 12% pace from the average as we near May 1. NASS also reported 3% of the crop emerged. This morning’s Export Inspections report indicated that 1.366 MMT of corn was shipped in the week that ended on April 25. That was slightly larger than the previous week but down 7.82% from the same week in 2018