Prices of maize rose marginally across major spot markets due to a decline in arrivals. However, weak demand from bulk buyers limited the rise in prices.
Bulk buyers are waiting for the imports to start soon and have curtailed their purchases as imports are more attractive due to rising domestic prices.
On the NCDEX, maize futures ended largely steady. The June contract closed flat at 1,897 rupees per 100 kg.
Corn futures ended the session with most contracts 1 to 2 3/4 cents lower. Several nearby contracts, excluding July, hit contract highs overnight but closed 19-20 cents off those highs.
Losses in the Wheat complex and profit taking pressured the market on the day. The worst planting delays are in the ECB, as IL was 35% complete, with IN and OH 22% planted.
The Final Insurance Planting date for those states is June 5. The Insurance cutoff for IA (76%) and most of MN (66%) is May 31. NE (81%) and most of ND (63%) and SD (25%) are now past their final planting date of May 25.
Producers can plant past those respective dates (which the market is encouraging), but insurance coverage decreases each day. The Weekly EIA ethanol report is delayed until Thursday due to the holiday.