Production of maize in Argentina and Brazil is expected to remain at 131-132 million tonne for the 2016-17 season, up from 96 million tonne last year, as favourable conditions are likely to boost yield prospects. Rabobank has also maintained a neutral stance on maize prices in the US, as short-term weather outlook is seen favourable for global maize crop. CBOT (Chicago Board of Trade) corn prices to remain largely range-bound, trading between $3.5 per bushel and $3.80 per bushel in the short-term, but a bullish bias remains.
Maize prices rise in Bihar on high demand.
In Purnea, rabi maize was sold up 10-15 rupees from previous close due to amid high demand from the poultry feed industry after recent rainshit supplies. Around 3,000 tonne of maize arrived in markets today, up from 2,000 tonne on previous close. June maize contract ended down 0.7% from the previous close.
India wheat down in spot markets.
Wheat futures on the NCDEX, on the other hand, traded lower taking cues from spot markets. June wheat contract ended down 0.4% from the previous close. In Delhi, prices fell by 5-10 rupees per 100 kg because of poor demand from states in south India. Demand from states in the South was poor this year, as these states had huge stocks of imported wheat.