Maize up on firm demand

Maize prices rose across key spot markets due to aggressive buying by feed makers and stockists. Anticipation of a fall in supplies in coming few days also supported prices.

Feed makers are buying the crop aggressively 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, maize futures ended higher tracking firm spot cues. The June maize contract close at 1,955 rupees per 100 kg, up 0.4% from the previous close.

Feed makers have stepped up their purchases as the new crop arrivals in Bihar have started drying up.

Corn futures saw 2 to 6 1/2 cents gains posting multi-month highs in several contracts. Rains over the weekend and forecasts for more in the WCB over the next week were supportive.

In the weekly Crop Progress report, NASS showed corn planting at 49% complete nationwide by Sunday, on the lower side of estimates and the slowest for week 20 since NASS started recording.

That was well below the 80% average, with last year at 78% for this week. The crop was 19% emerged, with the 5-year average at 49%. All corn export shipments in the week of May 16 totaled just 820,916 MT.

That was down 28% from last week and 47% below the same week last year. Exports YTD are now 3.09% larger than a year ago, at 37.454 MMT (1.474 bbu).