Prices of maize across key spot markets rose due to firm demand from bulk buyers such as poultry feed manufacturers and starch manufacturers. A fall in arrivals also supported prices. In Sangli, arrivals were pegged at 820 bags (1 bag = 100 kg), compared with 970 bags. In Nizamabad, arrivals were seen at 750 bags (1 bag = 100 bags) against 850 bags on Saturday.
Demand from bulk buyers are likely to remain robust as they are picking up the crop in bulk in anticipation of a smaller crop in the kharif season.
Market participants see the kharif maize crop at 16.1 mln tn against the government’s estimate of 19.9 mln tn. Prices fell on the NCDEXX as investors squared off their positions. The most-active December contract ended 1.2% lower at 2,030 rupees per 100 kg.
Corn futures continued Friday’s rally, doubling the gains to 5 to 6 3/4 cents in the nearby futures. Export inspections through the week ending 12/12 showed that corn shipments were up 40% over last week; but were still 22.61% behind the same week last year with the shipments at 686,686 MT.
From the same weekly update the USDA revealed accumulated exports were at 7.227 MMT vs. 16.005 MMT at the same time last year. Of the weekly export shipments, 38.8% went to Mexico, the second largest destination in the report was Japan, @ a 26.16% share. Sorghum on the other hand was shown 71.8% higher over last week.
Accumulated exports for sorghum are 79.37% above last year’s pace. The National Corn Yield Contest revealed the highest national yield was again by David Hula, his irrigated Virginia farm set its fourth world record with 616.195 bpa.