Maize up on low arrivals

Price of maize was up across spot markets due to firm demand from bulk buyers. A gradual decline in arrivals was seen helping prices.

Demand firmed up as most bulk buyers want to purchase enough stocks before the supply dries out completely.

Maize futures on the NCDEX were not traded yesterday.

Maize prices are likely to rise in the coming days as heavy rains and flood-like situation last week in Karnataka and Maharashtra is seen delaying arrivals of the new crop. The harvest is seen delayed as heavy rains might have led to higher moisture content in the standing crop.

Corn futures were down 1 1/4 cents in nearby Sep, with most other contracts fractionally higher.

Following the close, USDA Crop Progress data showed 71% of the US corn crop was in the dough stage (87% avg) as of Sunday, with 27% dented (46% avg).

As traders had been expecting, conditions were up 1% to 57% good/ex, as the Brugler500 index rose 2 points to 351. That is still below the long term average for this date.

This morning’s Export Inspections report showed corn shipments in the week of August 22 at 639,154 MT. That was a 25.24% jump from the previous week but still just over half of what was reported for this week last year.