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 coming days as the arrivals of the late-sown kharif crop have started hitting markets.
Corn closed the first trading day of the new week with losses of 1/2 to 2 cents. The national average corn basis from cmdtyView was 12.03 cents under March, which is 0.35 cents stronger than Friday. The national average corn basis was at -0.2881 this time last year.
The USDA released its weekly update to Export Inspections with data from the week ending 02/06. The report showed corn shipments were 760,390 MT, which is 16,632 MT more than the same week last year. YTD exports totaled 11.494 MMT, last year at this time exports totaled 23.249 MMT.
Traders surveyed ahead of tomorrow’s reports have World corn carryout decreasing vs. the Jan forecast. The average trade estimate is 297.19 MMT for world corn ending stocks. Traders also anticipate U.S corn ending stocks to be cut by 12.3 mbu to 1.897 bbu. The average Brazil corn estimate is 100.9 MMT, which is 100,000 MT below the previous WASDE estimate. Argentina is expected to see a 200k MT reduction according to average estimates.