Maize prices were largely flat in Maharashtra. In Nashik, industrial grade maize was sold at 2,020 rupees per 100 kg.
It’s a wait and watch situation here. Most buyers are waiting for prices to ease once arrivals start either from Bihar or from importsr.
The government has allowed import of 100,000 tn maize at 15% import duty to help increase domestic supplies.
Corn futures saw a little “sell the rumor, buy the fact” action, but closed UNCH in the front months. Deferred contracts were steady a penny higher.
The monthly USDA S&D report confirmed what many had anticipated, adding 200 mbu to the 18/19 ending stocks projection at 2.035 mbu. All three major demand categories saw reductions.
On the world side, both Argentina was hiked 1 MMT (now 47 MMT), and Brazil was boosted 1.5 MMT to 96 MMT. That added supply, coupled with rising US stocks, caused world carryout to be upped by 5.48 MMT to 314.01 MMT.
Forecasts of wet and cold weather with heavy snow accumulations this week across the WCB were supportive to new crop.