Prices of maize across key spot markets fell due to weak demand from bulk buyers and stockists.
Demand declined as bulk buyers have already stocked up the quantity required for the next few weeks and expect prices to cool further in the coming days.
In Nizamabad, arrivals were steady at 4,000 bags (1 bag = 100 kg). In Nashik, too, arrivals were steady at 5,500 bags.
Corn futures were lower on Thursday with losses of as much as a nickel in July futures, the other nearbys were 4 3/4 cents lower at the close.
US export sales for the week ending 01/23 totaled 1.378 MMT of corn, with 143,576 MT of that for new crop sales. That was on the high end of trade estimates but was trumped by other market considerations.
Old crop corn bookings were higher than expected at 1.234 MMT, which was a 19-week high. Export shipments on the week were at 681,932 MT, a 5-week high. Those shipments still lagged the same week last year by 25.5%. Accumulated shipments are 10.508 MMT.