Prices of maize down

Maize prices in most key spot markets fell due to sluggish demand from bulk buyers.

In Davangere, maize was sold a tad lower at 1,800-1,850 rupees per 100 kg.

In Bihar, maize prices are currently at 2,150-2,200 rupees per 100, and is seen falling to around 2,000 rupees in the coming days.

Corn futures closed 1 to 2 1/2 cents lower on Monday. Chinese futures trading resumed following the extended Lunar New Year break, and prices were sharply lower. The USDA Grain Crushings report showed corn crushed for ethanol totaled 479,214 mbu during the month of December. That’s the most going back to August 2018. The weekly Export Inspection report put corn exports from the week ending 01/30 at 562,380 MT or 22.14 mbu.

That was 349,811 MT lower from the same week last year. Accumulated shipments were seen at 10.72 MMT which remain less than half of last year’s pace. Accumulated shipments are improving however as the percent behind last year improved 1.11 points during January. January corn exports from Brazil totaled 2.294 MMT, which 47.49% lower than Dec exports and 40.66% lower than Jan 2019.