Prices of maize remained steady in major spot marets

Prices of maize remained steady in Davangere, Karnataka, despite a fall in arrivals due to subdued demand from poultry feed manufacturers and starch makers at higher prices.

Prices of maize rose across key spot markets due to a decline in arrivals and firm demand from poultry feed and starch manufacturers.

Demand from bulk buyers, who are stocking up on the grain fearing a smaller crop in the kharif season, is expected to remain robust. Market participants pegged the kharif maize crop at 16.1 mln tn, lower than the government’s estimate of 19.9 mln tn.

Corn futures were up by 1 3/4 cents to 2 cents at the close on Tuesday afternoon. March corn hit the highest price since November 8 on Monday. The IEG Vantage group estimated the 2020 US corn planted acreage at 94.1m acres.

Argentine FOB prices fell sharply from the 9th to the 12th from $170.8 to $162.5 in anticipation of the new tariffs, the country’s new export tax system includes a 12% tax for corn exports.

Since the imposition, and suspension on Corn exports, their FOB prices haven’t been tracked nor are applicable.

Brazil FOB prices fell even more following their neighbor’s export tariffs from $181.90 to $171.40. American corn FOB prices are most recently at $176.38.