Maize prices across key wholesale markets rose marginally due to a sharp decline in arrivals. A decline in bulk purchases, however, limited the rise in prices.
End users are avoiding purchases in bulk as spot prices have risen sharply.
On NCDEX, however, maize futures ended lower due to forecast of normal monsoon this year. The most-active June contract closed 1% lower at 1,821 rupees per 100 kg.
The India Meteorological Department expects India’s southwest monsoon to be normal, with rains at 96% of the long period average.
Corn futures settled 4 1/4 to 5 1/4 cents lower after being up.
While US weather forecasts are still juicy, a window of drier weather will allow some planting progress.
A Bloomberg survey found the average analyst estimate for 2019/20 corn ending stocks in the June 11 report dropping to 1.772 billion bushels from the May USDA figure of 2.485 billion.
The average trade estimate has US average corn yield dropping to 172.4 bpa from 176 in the May WASDE report.
The weekly CFTC Commitment of Traders report showed the large managed money spec funds had flipped to a net long position of 87243 contracts on Tuesday, June 4. That was a swing of 107,979 contracts in a week from the previous net short.