Prices of maize continued to rise across spot markets as arrivals declined marginally amid firm demand from poultry feed and starch manufacturers.
In Sangli, arrivals were at 700 bags (1 bag = 100 kg), compared with 730 bags, while arrivals in Nizamabad were at 450 bags (1 bag = 100 bags) against 550 bags.
Demand from poultry feed manufacturers is likely to remain firm going ahead as they are stocking up the grain in bulk on anticipation of a smaller crop in the kharif season.
Corn futures finished Friday’s session with gains of 3/4 cents to 1 1/4 cents, which helped futures to a 7 cents gain over last week. The CFTC published the weekly Commitment of Traders, showing spec traders were again net short corn futures, this time by 94,837 contracts. That was 19,964 contracts less short than last week.
Brazilian corn-based ethanol production for the 19/20 marketing year was at 1.69b L, up 14% yr/yr, (from CONAB). Argentina resumed their corn export program after a few days of suspension to implement the new higher export axes. Corn FOB prices jumped 10.23% to $179.13 MT as the trade is trying to pass on the export tax hike into the world market.