Maize prices firmed up across key spot markets due to a decline in arrivals amid firm demand from bulk buyers.
Anticipation of a fall in supplies in the coming few days and prevailing uncertainties over imports also supported the prices.
On the NCDEX, however, maize futures ended lower. The June maize contract closed at 1,915 rupees per 100 kg, down 1.3% from the previous close.
Corn futures closed lower for the first time in 9 sessions, with most contracts down 1 to 5 1/4 cents.
USDA reported that this year’s MFP payment will be based on single county rates multiplied by aggregate acres of the 29 listed crops affected including corn.
The payments will not be included on prevent plant acres, which would encourage more overall planted acres. The USDA reported 442,080 MT of old crop corn sold during the week of May 16, with Japan purchasing 185,800 MT.
That was in the range of estimates but down 48.25% from the same week a year ago. New crop sales totaled 183,879 MT. An auction of Chinese state reserves sold 3.62 MMT of 2014 corn, which was 90.66% of the total offered.