Prices of maize eased across key spot markets as feed manufacturers reduced purchases at higher rates. Prices rose sharply over the last few weeks due to tight supply.
Prices will firm up again as the supply crunch is likely to persist until March. At Davangere, maize arrivals were pegged at 700-800 bags (1 bag = 100 kg), compared with about 1,000 bags from previous arrival.
In Nizamabad, Telangana, arrivals were estimated at 600-700 bags, down 100-200 bags from previous arrival.
Corn futures saw fractional to 1 1/2 cent gains in most contracts.
The Quarterly Grain Stocks report is expected to show 12.092 bbu of corn on hand on Dec 1.
That would be down 475 mbu from last Dec 1 if realized. Final 2018 production numbers are estimated to see a yield of 177.9 bpa, down 1 bpa from the November update.