Maize prices fell in spot markets

Maize prices fell in spot markets ahead of the fresh crop arrivals.

On NCDEX, maize futures ended lower tailing spot cues, with the most-active October contract closing at 2,020 rupees per 100 kg, down 1.3%.

Maize prices on the domestic exchange fell due to a rise in output of the kharif crop in 2019-20. The government has pegged kharif maize output for this year at 19.9 mln tn, compared with 19.0 mln tn produced in 2018-19, according to the first advance estimate.

Corn futures settled 2 1/2 cents higher in the front months on Monday. Generalized ag commodity buying helped to support corn values.

The weekly Export Inspections report showed a multiyear low 233,993 MT in corn shipments during the week of 9/19. That was down 44.7% from the previous week and more than 5 times less than the same week last year.

Weekly Crop Progress data from NASS this afternoon showed the US corn crop 79% dented (94% avg), with 29% listed as mature (57% avg) by 9/22.

Harvest progressed to 7%, 4% below the normal pace. Condition ratings were up 2% to 57% gd/ex, as the Brugler500 index rose 4 points to 352.