Spot prices of maize rose marginally across major spot markets as well due to a decline in arrivals. A marginal rise in demand from bulk buyers 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, maize futures ended largely steady. The June contract closed largely unchanged at 1,895 rupees per 100 kg.
Corn futures closed the session with most front months 14 to 17 1/2 cents higher. A wetter shift in next week’s weather forecast encouraged fresh buying.
The weekly EIA report showed ethanol production in the week that ended on May 24 down 14,000 barrels per day at 1.057 million bpd. Ethanol stocks were down 780,000 barrels to 22.624 million barrels.
Trade estimates ahead of Friday’s delayed Export Sales report are for 350,000-650,000 MT of old crop corn sale in the week of May 23, with new crop at 100,000-200,000 MT.
The International Grains Council shows estimated 19/20 world corn production down 7 MMT from last months estimate, but with consumption 10 MMT lower and ending stocks up 9 MMT to 284 MMT.