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Maize prices softened by Rs 5 per quintal due to muted demand from consuming industries against adequate stocks. Sluggish demand from consuming industries against sufficient stocks position mainly weighed on maize prices. In the national capital, maize declined by Rs 5 to Rs 1,410-1,420 per quintal.

NCDEX Maize futures ended nearly 2% lower today as India weather bureau revised upwards its forecast for monsoon rains this year, thereby adding to the bearish sentiment. The July maize contract on the NCDEX ended at 1,287 rupees per 100 kg, down 1.9% from the previous close. Good monsoon rains in the country are likely to boost maize production and increase supplies in domestic markets. Though prices were unchanged from Monday, overall sentiment for maize is bearish.

The most active corn futures fell 0.27 percent to $3.72 a bushel, after gaining nearly 0.1 percent in the previous session. The government rated 68 percent of the U.S. corn crop as good-to-excellent, up from 65 percent a week earlier and above an average of analyst expectations of 67 percent.

Corn planting and emergence were both slightly behind the five-year average while the overall condition of the crop improved from the previous week. 96% of U.S. corn planted, down from 97% a year ago and down from the five-year average of 97%. USDA also said 86% of U.S. corn was emerged, down from 88% a year ago and down slightly from the five-year average of 87% emerged. Sixty-eight percent of the corn crop was rated in good-to-excellent condition, up 3 percentage points from the previous week’s 65% good-to-excellent rating.

Farmers are set to produce over 15 million tons of maize, a 50% excess of the expected yield. Maize is a staple food in South Africa and the BBC reports that it is the country biggest harvest in more than thirty years. The bumper harvest follows months of above average rainfall in January and February.