Prices of maize across spot markets were almost steady because both demand and supply were weak. Bulk buyers are awaiting arrivals of the new crop in the market and are unlikely to pile up more stocks for some time.
Farmers also could not bring their full produce to the market in Purnea due to heavy rains.
Maize futures on the NCDEX ended lower, tracking the spot market. The most active October contract ended at 2,140 rupees per 100 kg, down 0.4% from the previous close.
Corn futures closed Friday with most nearby contracts a penny lower. Spec traders in corn futures and options trimmed their large CFTC net short position by 10,736 contracts to -159,890 contracts as of Tuesday.
Total commitments for 19/20 exports compared to the USDA project full year exports, are 18% complete vs. the 5-year average of 28%.
Argentine producers are aggressively selling corn due to fears that the Peronists will re-impose the double-digit percentage export tax if they win the election.
Like Argentine producers, Brazilian producers are also aggressively selling; they expect to set a new record for September corn exports at 6.6 million tons. Of that, 60,000 MT are on the way here, per Sao Paulo sources, America has already purchased some Brazilian corn but can expect the new purchase in October.