The price of maize in Davanagere, a key market in Karnataka, was largely stable as bullish sentiment due to lower stocks was offset by subdued demand from the feed industry.
In Purnea, Bihar, prices of maize rose by 20-30 rupees per 100 kg as a result of strong demand. The new maize crop will start arriving in Purnea from late November.
On NCDEX, the most active October contract of maize ended at 2,120 rupees per 100 kg, up 1.6% from the previous close.
Corn futures closed Thursday down 12 1/4 to 14 cents in nearby contracts. This morning’s Crop Production report update showed 2019 corn yield now projected at 168.4 bpa, a 0.2 increase from Sept and 0.9 bpa above trade expectations.
Estimated production from NASS is now 13.779 bbu, a 20 mbu reduction mo/mo, as harvested acreage was trimmed to 81.8 million acres. US carryout for 19/20 was cut by 261 mbu to 1.929 bbu vs. estimates of 1.68 bbu.
World ending stocks are now 302.55 MMT a 3.72 MMT drop from the previous report. CONAB released their initial 19/20 estimates this morning, showing corn production expected at 98.4 MMT.
USDA left their projection at 101 MMT this morning. Export Sales report this morning showed 284,456 MT 19/20 of corn bookings well below expectations.v