Prices of maize fell across key spot markets due to weak demand from poultry feed manufacturers and rising arrivals in major producing parts of Telangana, Andhra Pradesh, and Karnataka.
In a month, prices in Nizamabad may fall further to about 1,800 rupees per 100 kg and may rebound with a decline in arrivals. Arrivals in Nizamabad were pegged 12,000 bags higher than the average 10,000 bags.
Demand for the new crop is weak due to quality concerns. Most of the fresh crop arriving in mandis had high moisture content of 25-30%, as against the acceptable limit of 13-14%.
Corn rebounded on Turnaround Tuesday, the futures were back up by 2 1/4 to 3 3/4 cents for the nearby contracts. The CZ/CH spread has widened to 10.75, as compared to last Tuesday when the spread was at 8.75. This time last year the CZ/CH premium was 11 cents.
The USDA announced a private export sale of 191,000 MT of corn to an unknown destination with a 19/20 MY delivery. Corn basis was -0.1478 this morning, bringing the monthly average basis to -0.1501 so far. Last year the basis was -.3529.
The propane shortage for grain drying has led to 8 state governors declaring a state of emergency; IA, IL, IN, MN, NE, ND, SD, and WI. The USDA’s weekly crop progress report showed that corn harvest was 76% completed. The Buenos Aires Grain Exchange reported Argentinean corn planting is 44.3% complete, as of 11/13.