Maize, prices remained firm across key spot markets as bulk purchases by feed manufacturers were robust.
Feed manufacturers have started buying the coarse grain aggressively, anticipating tight supply in coming days after arrivals in Bihar start shrinking. Bihar is the largest grower of rabi maize and arrivals are on full swing in the state.
The most-active May maize contract was up 0.3% at 1,890 rupees per 100 kg on the NCDEX.
Corn futures closed with most contracts steady to 2 cents lower in the front months and higher in some 2020 contracts. July futures lost 5.12% this week.
The barrage of USDA data showed old crop corn ending stocks 60 mbu higher than in April at 2.095 bbu. Their initial new crop projection is 2.485 bbu, a 390 mbu jump from the current 18/19 number and near the top end of the wide range of pre-report estimates.
Production was estimated at 15.03 bbu based off a 176 bpa yield. Brazil corn production was raised 4 to 100 MMT, with Argentina up 3 to 49 MMT.
World corn production for 18/19 was up 12 MMT, mainly from South America, which when mixed with lower feed use caused expected carryout to jump 11.93 MMT at 325.94 MMT.
New crop carryover for 2020 was projected at 314.71 MMT. The Friday afternoon Commitment of Traders report showed managed money specs in corn futures and options trimming their net short position as of May 7 by 24,372 contracts to 282,327 contracts.