NCDEX May maize hits 2-week high on firm spot demand

The May contract of maize on NCDEX hit a two-week high of 1,920 rupees per 100 kg, up 1.6% from the previous close, due to robust purchases by feed manufacturers.

Prices in spot markets too rose sharply today as bulk buyers stepped up their purchases as the new crop arrivals in Bihar started drying up.

In Purnea, maize was sold for 1,950-1,970 rupees per 100 kg, up 20-25 rupees. Arrivals in Bihar were pegged at 40,000 bags (1 bag = 100 kg), down 10,000 bags.

Corn futures ended the session with most contracts 2 to 5 cents higher, following 7-8 cent losses in the overnight session.

After the close, NASS reported the US corn crop was 30% planted as of Sunday, moving only 7% from the prior week and slower than most estimates.

That was just half of the same week last year (59%) and 36% below the average pace. The crop was 10% emerged, with the normal pace at 29%.

This morning’s Export Inspections report indicated that 1.001 MMT of corn was shipped in the week that ended on May 9.

That was up 2.45% from the week prior but still 36.59% below the same week in 2018.