Maize prices also firmed up across key spot markets as due to aggressive purchases by bulk consumers and stockists. Anticipation of a fall in supplies in the coming few days and prevailing uncertainties over imports also supported the prices.
Feed makers are aggressively buying the crop as the new crop arrivals in Bihar have started drying up. Bihar is the largest grower of maize in the rabi season.
On the NCDEX, however, maize futures ended lower due to profit booking. The June maize contract closed at 1,940 rupees per 100 kg, down 0.5% from the previous close.
Corn futures ended the session firm to 2 3/4 cents higher, higher for the 8th day in a row for most front months.
The weekly EIA report this morning showed ethanol plants producing 1.071 million barrels per day during the week of May 17.
That was up another 20,000 bpd from last week and the largest weekly production this MY. Stocks of ethanol rose 1.154 million to 23.404 million barrels.
Analysts are expecting Thursday’s Export Sales report to show 200,000-600,000 MT in old crop sales for the week of May 16, with new crop at 50,000-450,000 MT.
Due to weakness in the Real, prices have been carried by this rally to the highest level that Brazilian farmers have seen for corn since 2015.