Prices of maize in most spot markets were largely unchanged as demand from bulk buyers was weak amid largely steady supply.
Prices of the coarse grain are likely to fall in coming days as the arrivals of the late-sown kharif crop have started hitting markets.
Corn futures reversed Tuesday movement and ended the Wednesday session with losses of 3/4 cents to 1 1/2 cents. Corn export sales estimates for the week ending 01/30 range from 600k-1.3 MMT, with an additional 100k-150k MT of new crop sales.
EIA data for the week ending 01/31 had ethanol production at 1.081m bpd. That was a weekly increase of 52,000 bpd, and 5.2% above the MY average daily production. Ethanol stocks were tighter on the week, down 770,000 barrels at 23.474m barrels. The biggest reduction in stocks was from the East coast, which was 352,000 barrels lower to 8.302 million.
Stats Can corn stocks were at 10.686 MMT for December 31, a yr/yr reduction of 0.942 MMT. Official monthly ethanol exports from the USDA were 146.526 million gallons in December. That’s a 36.59% increase mo/mo and 9.83% higher yr/yr.
USDA’s monthly corn exports were 2.508 MMT (98.74 mbu) for the month of December. That is the second lowest total for December corn shipments since December ’72.