Maize prices rose across key spot markets, despite steady arrivals, due to improved demand from bulk buyers and feed manufacturers. Bulk buyers and feed manufacturers stepped up purchases anticipating a further rise in prices in coming weeks due to a likely tight supply.
In Nizamabad, maize arrivals were steady at 2,500-2,600 bags (1 bag = 100 kg), while in Davangere, too, it was largely unchanged at 2,500 bags.
Taking a cue from the spot markets, futures contracts of maize, too, rose on the NCDEX. The most-active June contract ended 5 rupees higher at 1,765 rupees per 100 kg.
Corn futures saw steady to fractional losses in the front months, with new crop contracts firm to 3 1/2 cents higher.
Weekly EIA data will be released on Wednesday morning showing ethanol production and stocks for the week of March 29.
Brazil’s Trade Ministry pegged March corn exports at 891,945 MT, which was up 47.36% from the same time last year and 49.4% lower than February.
FCStone estimates the Brazilian corn crop at 94.39 MMT, up 0.55 MMT from their prior number.