Prices of maize continued to fall across key spot markets due to a gradual rise in arrivals and persistently weak demand from bulk buyers. Arrivals in key producing states–Telangana, Andhra Pradesh, and Karnataka–have picked up as farmers are offloading more stocks.
Demand from bulk buyers, however, has remained weak as the fresh crop arriving in the markets is still of poor quality with high moisture content. On the NCDEX, maize futures fell tracking spot cues. The most-active December contract closed 0.1% lower at 1,900 rupees per 100 kg.
Corn futures made gains on Monday to the tune of 1 3/4 to 3 1/4 cents with the gains crescendoing through the contract months. The USDA’s weekly Crop Progress Report was released this afternoon, showing corn harvest at 84% for the 18 states the USDA tracks. The progress improved 8 percentage points over last week, but with snow in the forecast progress over the next week may slow down.
The average pace for this time of year is 96% completed. USDA export inspections data for the week ending 11/21 was released this morning and showed 604,592 MT inspected for export. The previous week saw 651,147 MT and the same week last year was 1.182 MMT. The accumulated export inspections for the market year are now at 5.598 MMT, which is 57.48% below last year’s pace.