Maize prices across key spot markets fell as arrivals rose in Bihar. However, firm demand from bulk consumers, including poultry industry, restricted a sharp fall, traders said. Bihar is the largest producer of maize in the rabi season.
In Purnea, arrivals were pegged at 27,000-30,000 bags (1 bag = 100 kg) 4,000-5,000 bags higher. Arrivals in Bihar are in full swing.
Demand is expected to rise as bulk buyers do not have enough stocks with them and have started purchasing aggressively.
Corn futures ended the session with most contracts 3 to 7 1/4 cents lower, following President Trump’s threat to hike tariffs on $200 billion of Chinese goods to 25%.
Traders have been thinking corn, DDGs, ethanol, or sorghum will be part of a trade agreement. The weekly Crop Progress report indicated that 23% of the US corn crop has been planted as of Sunday, a move of just 8% from last week.
That is 13% behind last year, and just half of the 5-year average. IL is just 10% planted, lagging the average by 56%, with IN 3% complete and SD still at 0%. The US crop is 6% emerged, vs. the 13% average.
This morning’s Export Inspections report from USDA showed shipments of just 976,842 MT in the week of 5/2. That was down 28.52% from last week and 48.55% below the same week last year.