Maize prices across key spot markets fell due to a decline in demand from bulk buyers amid steady demand.
Arrivals in Nashik were pegged steady at 1,500 bags (1 bag = 100 kg). In Nizamabad, arrivals were largely unchanged at 2,500 bags.
Bulk demand took a hit as most buyers have moved to the sidelines and are awaiting the fresh rabi crop to hit the markets in early April.
Recent imports of nearly 120,000 tn maize from Myanmar are also seen hitting demand for the domestic crop.
March corn expired at $3.70 3/4/bu., up by a penny. The other front months were fractionally mixed save for Dec which was up 1 1/4 cents. USDA reported a private export sale of 136,000 MT of corn to South Korea for a 19/20 MY delivery.
China published an extensive list of U.S. ethanol and DDGs plants whose products are now approved for import.
The CFTC’s weekly update to positions with data from Tuesday showed that managed money funds were 24,569 contracts less net short this week, to -60,307 on net. The report showed spec trader OI was down 35,435 contracts wk/wk as money was sidelined.