Maize prices too fell as bulk buyers did not pick up stocks

Maize prices too fell as bulk buyers did not pick up stocks due to a sharp rise in prices. “Demand remained weak as most bulk purchasers are waiting for the fresh crop to hit markets,” Nizamabad-based trader Amrutlal Kataria.

Maize futures on the NCDEX also fell tracking spot markets, with the most active September contract ending 2% lower, at 2,074 rupees per 100 kg. Traders see prices declining in the coming days once the fresh kharif crop hits the markets. According to a Cogencis poll, market participants pegged the 2019-20 (Jul-Jun) kharif maize output at 16.1 mln tn. They had estimated the output at 15.1 mln tn for 2018-19.

Corn futures closed steady to 1 3/4 cents lower in most contracts on Monday. USDA reported a private export sale of 651,670 MT of corn to Mexico this morning, with 590,820 for 19/20 and 60,850 MT for 20/21.

Low prices cure low prices! That said, export inspections were lousy @ 590,013 MT during the week that ended on September 5, with 449,958 MT of that leaving ports during the new MY. That total was a jump of 64.91% from the previous week but still down 24.7% from last year.

This afternoon’s Crop Progress report showed that 55% of the US corn crop was dented by Sunday vs. the 77% average, with 11% reported as mature (24% avg). Condition ratings were down 3% to 55% gd/ex, as the Brugler500 index was down 6 points to 347. The average trade production guess for Thursday’s report is 13.672 billion bushels, with the analysts on average estimating USDA will drop yield 2.3 to 167.2 bpa.