Spot maize prices rise on low supply, good demand

Maize prices across key spot markets also rose due to a decline in arrivals, traders said. Firm demand from bulk consumers also supported 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, however, maize futures ended lower due to forecast of normal monsoon this year. The most-active June contract closed 0.9% lower at 1,852 rupees per 100 kg.

Corn futures ended the session well off the overnight highs, up 1 to 2 1/2 cents in most contracts.

Losses in wheat limited the gains.

NASS data released late Monday showed ECB states have yet to reach 50% planted, with IL (45%) IN (31%), and OH (33%) all well behind normal.

IA has 80% of the crop in the ground, with NE at 88%, MN at 76%, and SD just 44% planted.

Brazilian exports in May totaled 979,261 MT according to trade ministry data, which was well above last year and more than double the April total.

Trade sources estimate nearly 1 MMT of South American corn has been purchased by US buyers for fall delivery, specifically noting Smithfield, as they expect tighter US supplies this year.