The price of maize in Nizamabad, a major market in Telangana, remained unchanged due to low demand from the feed industry at higher prices. In Davangere, a key market in Karnataka, maize prices were unchanged as bulk buyers stayed away from markets due to sharply higher prices.
Producers and stockists are rapidly trying to clear old stock as the new crop is likely to arrive in the market within a few days.
The October maize futures contract on NCDEX ended 2.9% higher at 2,293 rupees per 100 kg. Prices on the exchange rose sharply as bulk buyers anticipate a smaller crop this kharif season as well.
Corn futures closed the Tuesday session with 2 to 4 1/2 cent losses in the front months. November Ethanol futures were down 4.2% on the day. NASS reported that 96% of the corn crop was dented by Sunday (100% normally), with 73% now mature (92% average).
They also showed 22% of the crop was harvested, lagging normal by 14%. Condition ratings were down 1% to 55% gd/ex, with the Brugler500 index down the same at 347. There have been reports of test weights running low in places.
The delayed export inspections report revealed 470,612 MT of corn inspected for export from the week ending 10/10. That brought the MYTD total of corn exports up to 2.496 MMT (98.26 mbu), which is 63.93% below last year’s pace.