Maize prices extended their gains due to firm demand from bulk buyers amid lean arrivals. Sharp gains were prevented by a marginal rise in arrivals.
Demand is seen firm in coming days as feed manufacturers fear tight supply due to a likely small crop.
In Nizamabad, arrivals of maize were pegged at 1,000-1,100 bags (1 bag = 100 kg), up 200-300 bags. In Davangere, arrivals were estimated steady at 900-1,000 bags.
On NCDEX, the May maize contract ended at 1,760 rupees per 100 kg, up 25 rupees from the previous close.
Corn futures ended the session with most contracts 1 to 2 1/4 cents lower. USDA’s delayed Export Inspections report showed 765,618 MT of corn shipped in the week of March 7.
That was down 11.54% from the week prior and 44.41% below the same week in 2018. Shipments YTD are still 6.21 MMT (244 mbu) ahead of last year but the lead is shrinking.
USDA trimmed their US average farm price range by a dime on Friday to $3.35-3.75, with the midpoint down a nickel to $3.55. USDA left their Brazil corn projection at 94.5 MMT on Friday, with CONAB updating their estimate on previous day.