Maize prices steady

Maize, prices across key spot markets were steady amid weak demand from bulk buyers and low arrivals. Maize futures on NCDEX fell due to an anticipated decline in demand in the coming days. The most active August contract ended at 2,156 rupees per 100 kg, down 0.6%.

Corn futures ended the session with most contracts 1 1/2 to 3 cents higher. The weekly EIA report indicated ethanol production (week ending August 2) averaged 1.04 million barrels per day.

That was a jump of 9,000 bpd but well below the same week in 2018. Stocks of ethanol showed the largest 1 week crop on record of 1.351 million barrels to 23.117 million barrels as of that date.

Ahead of Thursday morning’s Export Sales report analysts expect a range of 100,000-300,000 MT for old crop corn. New crop bookings are seen at 200,000-600,000 MT.

A Reuters poll shows an average analyst estimate of 2.392 bbu for old crop US corn carryout, up 52 mbu from July. New crop ending stocks are seen at 1.62 bbu, which would be a drop of 390 mbu from USDA’s previous number.