Maize prices were steady

Maize prices were steady across key spot markets. Arrivals in Nashik were pegged steady at 1,000-1,200 bags (1 bag = 100 kg). In Nizamabad, arrivals were largely unchanged at 2,000-2,100 bags.
There was limited movement in prices as most key spot markets in south India remained shut on account of local festivals.
Bulk demand is likely to remain subdued in the coming days as most bulk buyers are waiting for the fresh rabi crop to hit the markets in March.

Corn was down on Thursday, with the front months ending the session 2 to 3 1/4 cents lower. The USDA report showed 765,069 MT of corn was sold for export on the week ending 02/27.

That was on the low end of pre-report expectations and down 11% wk/wk. Bookings for week 26 of the MY were 20.7% lower yr/yr. New crop sales totaled 100,032 MT, which was just above analysts’ estimates. Shipments from the same week were 884,613 MT, which was 18.9% higher than the same week last year.

The 34.826 mbu of weekly exports put MYTD corn exports at 566.123 mbu, which is 66.92% below the Feb WASDE projection (1.725 bbu). There were rumors of Chinese price inquiries for U.S. DDGs. Ahead of the March update to USDA supply and demand estimates, traders expect a 4 mbu tightening of the US corn carryout to 1.888 bbu. The Buenos Aires Grain Exchange updated corn ratings, with a 9-percentage point reduction wk/wk to good/ex corn. Argentina good/ex is now 50% of the crop.