Maize prices rose as arrivals further declined. Spot prices, however, is seen declining in the coming days as spot prices are sharply higher compared with the year-ago levels.
Demand from bulk buyers is seen as weak in the coming days as most of them will wait for the new crop to hit the markets.
Tracking spot cues, maize futures on NCDEX ended higher with the most-active October contract closing 0.2% higher at 2,060 rupees per 100 kg.
Corn futures ended Turnaround session with most nearby contracts 6 to 7 cents lower.
There are very few threats of frost in the forecasts to the first of Oct, as the 8-14 day outlook shows above normal temps for most of the US outside the PNW.
This will help to push the delayed crops along into maturity. Conditions ratings reported on Monday showed IL up 8 points on the Brugler500 index, with IA up 6and MO 2 points higher.
Ratings in NE dropped 1 point, with MN down 6 points and IN 4 points lower. Wire reports suggest China’s 2020 ethanol mandate could be pared back due to decreasing corn stocks, while stockpiles in state reserves have dropped to 56 MMT.