Maize prices were marginally up across key spot markets due to decline in arrivals. However, weak demand from bulk buyers limited the rise in prices.
Bulk buyers are waiting for the imports to start soon and have curtailed their purchases as imports are more attractive due to rising domestic prices.
On the NCDEX maize futures ended slightly higher, tracking spot markets. The June contract closed at 1,898 rupees per 100 kg, up 0.2% from the previous close.
Corn futures closed with the front months 16 to 17 1/4 cents higher. The front month continuation chart traded at the highest price since 2016 today, with December posting a contract high.
Ethanol futures were up 6.01% on the day. This afternoon’s Crop Progress report showed the US corn crop was 58% planted as of Sunday, a 9% move from the previous week and below most estimates.
That is the slowest pace on record and well behind the 90% average. Emergence of the crop was 32%, less than half of the 69% normal pace.
Weather forecasts continue to show 3-4 inch rain accumulations over the next week in OH, IN, and the KS/OK/MO/AR corner. This morning’s Export Inspections report indicated 1.099 MMT of corn was shipped in the week of May 23.
That was a 3.75% jump from last week but still 35.58% below the same week in 2018.