Prices of maize steady

Prices of maize were largely unchanged as demand from bulk buyers was weak amid largely steady supply.

Prices of the coarse grain are likely to fall in the coming days as the arrivals of the late-sown Kharif crop have started hitting markets.

Corn futures settled with 4 to 4 1/4 cent gains on Friday, with March contracts posting a weekly gain of 2 1/4 cents. CFTC data from this afternoon showed managed money was more net short for corn futures on 02/04 than last week. Spec trader OI was 13,055 less long and 13,479 more short wk/wk. Trader estimates ahead of Tuesday’s WASDE and crop reports have U.S. ending stocks at 1.879 bbu; which would be 0.69% lower tighter than the January projection. If realized, it would be ever so slightly (0.64%) higher than the 10-year average of ending stocks.

The Thursday DDGS report from U.S. Grains council showed DDGs at 108% of cash corn value, and a larger wk/wk DDGs to soybean meal ratio, which was 0.52. In the report, DDGs exports were lower MY/MY, but Egypt is importing 4,197% more (with 64,113 MT) than last year. Shipments of DDGs to China were seen 1% higher MY/MY with accumulated exports at 78,249 MT. The U.S. Grains Council also reported that ethanol export prices from the Gulf were 2.9% higher wk/wk, as gasoline export prices were 2.2% lower in the same region.