Prices of maize in Karnataka were largely unchanged as demand from bulk buyers was subdued amid steady supply of the coarse grain to the market.
Maize was sold at 1,700 rupees per 100 kg.
Prices of maize are likely to fall as arrivals of the fresh rabi crop may hit markets in March. Demand from bulk buyers may not immediately pick up, as new arrivals would be of poor quality with higher moisture content
Corn futures closed with fractional to 1 cent gains. First notice day for March futures is Friday. The national average corn basis from cmdtyView was 11.44 cents under March on 02/25.
That was the strongest basis since 11/29, and is 57.85% tighter than the same national average basis yr/yr. The national average basis from cmdtyView averaged is 11.94 cents under March so far through February.
The corn 2020 crop insurance spring price is $3.90/bu so far, the last day for establishing the rate is Friday. An update from the Ministry of Development of Economy, Trade and Agriculture, noted record Ukrainian grain exports; so far this MY the country has shipped 18.7 MMT of corn. South Korea issued an international corn tender for 138,000 MT of optional origin.