Prices of maize across key spot markets remained largely steady amid weak demand from bulk buyers and low arrivals.
Maize futures on NCDEX, too, ended flat on spot cues, traders said. The most active August contract ended at 2,155 rupees per 100 kg.
Corn futures saw limit losses in the nearby contracts on as USDA data was different than most trade estimates. We will see expanded limits of 40 cents per bushel on Tuesday. This morning’s USDA report showed updated planted acreage numbers from USDA down 1.7 million acres from July at 90.005 million acres with harvested acreage at 82.017 mac (down 1.6 mac). Data from FSA showed producers enrolling in 11.211 million acres of prevent plant for corn as of August 1.
NASS also raised yield by 3.5 bpa to 169.5 bpa, which took production to 13.901 bbu, up 26 mbu from July. Analysts were expecting a ~700 mbu drop. Old crop US carryout was raised by 20 mbu to 2.36 bbu, with new crop up 171 mbu to 2.181 bbu. World ending stocks were slightly lower at 328.58 MMT for old crop, as new crop was up 8.8 to 307.72 MMT.
USDA Export Inspections data showed 703,183 MT of corn shipped in the week that ended on August 8. A shipment of 53,788 MT of sorghum was headed to China. After the close, NASS reported 90% of the US corn crop silking (97% avg), 39% in the dough stage (61% average), and 7% dented (16% avg) as of Sunday. Crop ratings were unch at 57% gd/ex and 351 on the Brugler500 index.