Maize, prices across key spot markets were steady as demand from bulk buyers fell amid a decline in arrivals. Demand from bulk buyers fell as they have reduced buying at higher prices.
Maize futures on the NCDEX also fell today as tracking spot cues. The most active August contract ended at 2,155 rupees per 100 kg, up 0.7%.
Corn futures closed down 1 1/4 to 4 cents in the nearby contracts on Tuesday. The 7-day QPF shows forecasts of rain for most of the Corn Belt over the next week.
A Reuters survey of analysts ahead of next Monday’s USDA Crop Production report shows an average estimate of 87.998 million acres of corn planted this spring, down 3.7 million acres from the July report.
Traders pointed to a yield projection of 164.9 bpa, leading to production of 13.193 bbu, which would be down 682 mbu from July’s number. On Monday the Brugler500 Index showed losses in IL (-11), NE(-7), and KS (-7).
Notable conditions improved in IA (+1), MN (+2), and MO (+5). Dry pockets are popping up on the Drought Monitor in IL, IN and NE, but no drought conditions were reported in the Midwest.