Prices of maize rose in key spot markets due to firm demand and steady arrivals.
Demand from poultry feed makers and starch manufacturers rose as most of them have used up their leftover stocks.
Prices of the coarse grain are likely to fall in the coming days as the fresh rabi crop is set to hit the markets in the next few weeks.
Corn futures closed the last trading day of the week with losses of 1 3/4 to 3 1/4 cents. The CoT report from the CFTC had managed money corn speculative traders more net short wk/wk by 28.74%. There were more net sellers than long liquidators, although both were present from the managed money.
USDA’s long-term projections for 2020/21 indicate 94.5 MA for corn. The following projected years were seen leveling off at 89 MA. Production estimates show 15.545 bbu, which would be a 12.82% increase yr/yr.
The forecasted ending stocks are 825 mbu higher than the projected ending stocks for 19/20 MY, as the USDA projects a 2.754 bbu carryout for new crop corn.
The DDGS report from U.S. Grains Council had DDGS prices steady with last week still at an 8% markup to corn, but a larger wk/wk premium to soybean meal currently 0.52.