Prices of maize in Nizamabad were steady due to good demand supported by adequate arrivals in the market.
A small part of the arrivals was of an inferior quality, but it did not affect prices much.
Trade was thin in Purnea as arrivals remained poor for the third consecutive day due to heavy rains in Bihar. Purnea received 2,199% above-normal rainfall on Monday and 423% above normal on Tuesday. Demand is not that much at present. It could be because bulk buyers are waiting for the arrival of the new crop in the market.
On the NCDEX, the most-active October contract of maize ended at 2,148 rupees per 100 kg, up 0.4% from the previous close.
Corn futures ended the Wednesday session with nearby contracts 4 1/2 to 4 3/4 cents lower. Ahead of Thursday’s Export Sales report, traders expect to see 400,000-800,000 MT in corn export bookings during the week of 9/26.
EIA released their weekly ethanol report this morning showing production at 958,000 barrels per day, below 1 million bpd for the second week in a row. The last time two consecutive weeks averaged daily production below that mark was in Oct 2016.
Ethanol stocks rose 719,000 barrels to 23.219 million barrels despite the low production rate.
Data from USDA’s Grains Crushing report on Tuesday brought the MY total of corn used in ethanol production at 5.37 bbu, down 235 mbu yr/yr and 5 mbu shy of the projected total in the Sep balance sheet from USDA. Brazil trade data from September indicated 6.501 MMT of corn shipped during the month, nearby double the same month last year.