Maize prices across key spot markets were flat as demand from bulk buyers fell due to higher rates. Subdued arrivals, however, restricted the fall in prices.
Prices had risen sharply in the last few days due to weak supply. Rising prices capped bulk demand.
In Nizamabad, maize was sold at 2,425-2,450 rupees per 100 kg, unchanged.
Maize futures on NCDEX, however, rose on anticipation of a severe supply shortage in the coming days. Spot cues, however, limited the rise in prices on the exchange. The most active August maize contract was 0.3% higher at 2,150 rupees per 100 kg.
Corn futures ended the Turnaround session with most contracts 3 to 4 3/4 cents higher. Lower than expected crop condition ratings encouraged some light buying.
USDA Secretary Perdue stated on Tuesday that this year’s MFP payment will have a minimum payment of $15/acre, with the initial county rates and guidelines released later this week.
The drop in corn condition ratings was due to heat stress in a number of states during the reporting period, as IN and SD were 5 points lower, with MN and OH down 6. Ratings improved in IA (+4), NE and MO (+3), and IL (+1),