Prices of maize fell further at key spot markets as bulk purchases by feed makers and other consumers remained subdued amid largely steady arrivals. Arrivals in Nashik were pegged at 500-600 bags (1 bag = 100 kg). In Nizamabad, arrivals were at 600-700 bags.
Bulk demand has been hit as most buyers have bought the stock required for the next few weeks and logistical problem due to the lockdown is making it difficult to transport the crop now. A break out of African Swine Flu in Assam and rumours of broilers and eggs being carriers of COVID-19 are also seen hitting demand. On the NCDEX, the May maize contract ended at a record low of 1,246 rupees per 100 kg, down 2.7%.
The 2020 expiry contracts ended the Tuesday session with gains, while contracts with 2021 expiration closed with losses. Dec corn futures were a 1/4 higher at $3.47 1/4. There is a possible frost threat for the northern parts of the Corn Belt this weekend.
USDA reported a private export sale of 109,135 MT of corn to Mexico, to be split 45,220 and 63,915 MT old-new crop delivery. March corn shipments reported by Census totaled 181.71 mbu, the high for the MY so far but still 3.25% behind March ’19.
The MY total through March is 801 mbu. DDGS exports in March were up 5.5% mo/mo but down 6% yr/yr with 899,730 MT shipped. Ethanol exports totaled 139.93 million gallons. That was the lowest for March since 2017. The 15,380 gallons shipped to China was the second highest (behind Jan ’20) month since March of 2018.