Prices of maize Karanataka were largely steady due to weak demand amid low supply.
Prices may fall in the near term due to weak bulk demand from traders and stockists, who are waiting for the new rabi maize crop to hit the markets in March.
Wednesday trading in the corn futures market pushed prices back down, with contracts closing 2 to 2 1/2 cents lower in the front months.
The national average corn basis from cmdtyView was 11.72 cents under for 02/19. That is the tightest national average corn basis since Nov 29th and is 57.52% stronger yr/yr. A Reuters survey of analysts shows projected corn acreage for 2020 at 93.6 million acres, ahead of the USDA annual outlook forum later this week.
U.S. Grains Council’s ethanol pricing report issued on 02/18 showed a 0.9% increase wk/wk in Gulf FOB ethanol pricing. Gasoline prices from the Gulf were 3.6% higher wk/wk. EIA ethanol data from the week ending 02/12 will be delayed until Thursday morning due to the President’s Day holiday.
Brazil’s second crop corn planting is estimated to be 32% done, lagging the 40% average pace for this date.