Spot prices of maize rose marginally across major spot markets due to decline in arrivals. A firm demand from bulk buyers also supported the prices.
Bulk buyers are waiting for the imports to start soon and have curtailed their purchases as imports are more attractive due to rising domestic prices.
On NCDEX, maize futures ended lower due to forecast of normal monsoon this year. The most-active June contract closed 1.3% lower at 1,865 rupees per 100 kg.
Corn futures ended with fractional to 2 3/4 cent losses in the front months and gains in deferred contracts. After the close, NASS indicated that just 67% of the US corn crop was planted as of Sunday, moving 9% from last week. That was below most estimates and is 29% behind the 5-year average. That leaves 28.6 million acres left to plant among the 18 NASS reported states, when comparing to the March Intentions report.
US corn emergence was reported at 46%, which lags the normal pace of 84%. The monthly Grain Crushing report showed 440.48 mbu of corn used for ethanol in April. That was slightly above March as crush pace picked up but was down 1.09% from last year. USDA showed 743,077 MT of corn shipped in the week of May 30 via their weekly Export Inspections report.
That was less than half of the same week last year and 33% below the previous week. YTD exports are now below a year ago at 39.326 MMT (1.55 bbu). USDA also reported a total of 59,999 MT of sorghum was shipped to China.