Prices of maize also rose across key spot markets due to a decline in arrivals and firm demand from end users such as the livestock feed industry and food processing units.
Demand remained firm as they are aggressively purchasing maize, anticipating a sharp decline in supply in the coming days.
On the NCDEX, maize futures fell sharply due to profit booking after the contract rose to a record high of 2,223 rupees per 100 kg. The most-active July contract ended nearly 3% lower at 2,172 rupees per 100 kg.
Maize prices are seen rising sharply going ahead as bulk consumers anticipate a sharp decline in output in 2018-19 (Jul-Jun).
Poultry feed and starch manufacturers, the key industrial users of maize, peg the 2018-19 crop at 18-20 mln tn, compared with 28.7 mln tn in the previous year.
Corn futures closed 1 to 3 1/2 cents higher in most contracts on Turnaround. USDA’s Crop Progress report indicated crop ratings deteriorated in the ECB (IL -7, IN -9, and OH -14) and NE (-5), with IA, MO, and the Dakotas all improving during the week of June 30.
The average cash price around the country is $4.02 1/2 according to cmdtyView, which puts the national average basis at -16 1/2 against Sep. The weekly EIA report will be released on Wednesday morning.