Prices of almost all grains across key spot markets were largely steady today as demand was met by adequate supply.
Prices of maize in Davanagere, were steady. Demand was tepid but arrivals were poor too, which helped in keeping prices almost unchanged (from the previous day). The market was closed on Monday and Tuesday because of festivals.
Arrivals of the new maize crop are expected to start in a few days, which is likely to create pressure on prices.
On NCDEX, the most active October contract of maize ended at 2,080 rupees per 100 kg, down 2.8% from the previous close.
CBOT December corn settled down 1-1/2 cents at $3.94-14 per bushel after reaching $3.97-1/4, its highest since Aug. 12.
USDA’s weekly export sales report, also due on Thursday, traders expected the government to show US corn export sales in the week to Oct. 3 at 500,000 to 800,000 tonnes.
Market underpinned by worries about a winter storm in the northern US Plains that is forecast to bring heavy snow to the Dakotas and portions of the Upper Midwest, further delaying a harvest that is already behind the normal pace.