Prices of maize across key spot markets were steady due to weak demand from bulk buyers amid largely steady supply.
Demand for the commodity is seen falling in the coming days as most bulk buyers are waiting for the fresh rabi crop to hit the markets in March.
Imports of about 100,000 tn maize in the past few weeks by poultry-feed makers have also kept bulk buyers out of the market.
Corn futures came back from midday lows, but still ended the session with 4 to 4 3/4 cent losses in the front months. Dec corn reached a new life of contract low on Monday of $3.80 1/2. Money fled most commodity and equity assets today as the COVID-19 virus spread into South Korea, Iran and Italy in a big way.
Export inspections for the week ending 02/20 showed corn shipments at 912,922 MT. That was 14.77% higher wk/wk, and a 19.86% increase over the same week last year. Mexico and Japan were the top destinations of the week’s corn shipments with 333,752 MT and 197,892 MT respectively. The 35.94 mbu of weekly exports put the MYTD shipments at 520.52 mbu.
Accumulated shipments through week 25 are 30.2% of the USDA’s projected 1,725 mbu corn exports. Sorghum exports were almost entirely to Mexico, with 16,491 MT. New Zealand was the destination for the remaining 49 MT. Corn 2020 crop insurance rates are at $3.905/bu so far, the last day for establishing the rate is Friday.