Maize prices were largely flat in Davangare in Karnataka at 2,030 rupees per 100 kg. Prices remained steady as bulk buyers have trimmed purchases at higher rates.
Market participants expect maize prices to decline due to expectations of a rise in imports and ahead of the commencement of new-crop arrivals in Bihar.
The government has allowed import of 100,000 tn of maize at 15% import duty to help increase domestic supplies.
Corn futures settled with fractional to 2 1/4 cent gains. Weekly EIA data showed ethanol production in the week of April 5 up 3,000 barrels per day to 1.002 million bpd.
Stocks in that week saw the largest weekly draw down since October, 799,000 barrels lower at 23.193 million barrels. The Rockies and Gulf were the only regions to build stocks.
Analysts are estimating old crop export sales of 0.6-0.9 MMT for the week that ended on 4/4, with new crop at 50,000-200,000 MT.
The Rosario Grain Exchange estimates the Argentine corn crop at 48 MMT, up 0.7 from their previous number and compared to USDA’s 47 MMT.