Prices of maize fell across key spot markets as demand waned away at higher prices. Steady arrivals were also seen weighing on prices. In Nizamabad, maize was sold at 2,200 rupees per 100 kg, down 40-50 rupees.
Maize prices had earlier risen sharply due to the anticipation of a sharp decline in output. Poultry feed and starch manufacturers, the key industrial buyers of maize, have pegged the crop at 18-20 mln tn this year, compared with 28.75 mln tn produced last year. Tracking spot cues, maize futures on NCDEX also declined. The most-active August maize contract was 2% down at 2,175 rupees per 100 kg.
Corn futures closed the session with most nearby contracts 10 to 13 1/4 cents lower. The Export Inspections report indicated that 676,485 MT of corn was shipped in the week that ended on July 11.
That was down 6.23% from last week and just above half of what was inspected for the same week last year. Another shipment of 51,075 MT of sorghum was headed to China.
NASS reported that 17% of the US corn crop was silking as of July 14, vs. the 5-year average of 42%. They also reported conditions up 1% at 58% gd/ex, which converts to a 1-point rise on the Brugler500 index to 353. That is still the lowest reading for week 28 since the drought-stricken year of 2012.