Maize prices remained steady across key spot markets, as both arrivals and demand declined.
Demand was subdued as consumers are avoiding purchases in bulk due to a sharp rise in prices.
On NCDEX, maize futures rose due to an anticipated shortage in the coming days. The most-active August contract rose 0.9% to 2,200 rupees per 100 kg.
Maize prices are, however, seen rising due to an anticipated decline in production in 2018-19 (Jul-Jun). Poultry feed and starch manufacturers, the key industrial buyers of maize, have pegged the crop at 18-20 mln tn this year, much lower than last year. However, the farm ministry has estimated the output to be only 3% lower on year at 27.82 mln tn.
Corn futures settled mixed in lame duck session, with nearby contracts 1 to 2 cents higher and deferred contracts as much as 2 3/4 cents lower.
USDA’s Export Sales report this morning indicated that 175,561 MT of old crop corn was sold for export in the week of June 27.
That was a 40.47% drop from the previous week and 40.16% lower than the same week in 2018.
New crop sales totaled 156,251 MT. A total of 48,778 MT of sorghum was sold to China in that week. T
he weekly CFTC Commitment of Traders report has been delayed until Monday by the mid-week holiday.
EPA proposed leaving 2020 mandated use for conventional ethanol at 15 billion gallons, UNCH from 2019.