Maize prices rose across spot markets as supplies fell, owing to a likely fall in production last year and a simultaneous rise in demand from bulk buyers such as poultry feed manufacturers and starch manufacturers.
Maize futures, taking spot cues, ended higher on NCDEX, with the most active October contract closing 1% higher at 2,060 rupees per 100 kg.
Corn futures saw 1 to 1 1/2 cent gains in the front months, boosted by export sales data. USDA reported weekly export sales of 1.464 MMT (57.6 million bushels) for the week ending September 12, stronger than what traders were expecting heading into today.
That was the largest week 2 sales total since 07/08. Much of the business was sales to Mexico (1.158 MMT), most of which had been previously reported. A total of 64,914 MT was sold for 20/21.
A trade delegation from Taiwan signed a Memorandum of Understanding with purchase commitments of 5 MMT of corn and 500,000 MT of DDGs over the next 2 years. That is on the high side of their historical annual MY range of purchases from the US.