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 futures finished the report day with drops of 1 1/2 to 2 1/2 cents in the front months. USDA’s average farm price for corn remained at $3.85/bu. This morning’s WASDE left U.S. corn carryout UNCH at 1.892 bbu.
USDA hiked ethanol 50 million bushels, but trimmed projected exports by the same 50 million due to the slow pace of shipments to date. World corn carryout was lowered by more than analyst estimates to 296.8 MMT, a 90,000 MT cut and is 7.37% lower yr/yr.
World stocks were tightened despite a 750,000 MT increase to production over Jan’s estimate. The CONAB corn production estimate for Brazil was 100.49 MMT, which was above their previous estimate of 98.7 MMT.
CONAB lowered its estimate for 1st crop by 0.56 MMT, but increased the second crop estimate by 2.34 MMT. From the WASDE, Brazilian corn exports were 36.00 MMT, which is 14.29% lower than last year’s record.