Maize prices eased further as demand from bulk buyers remained weak at high prices.

Prices also fell due to a sharp rise in arrivals. “Prices will remain weak in the near term as arrivals of the new crop will start in full swing within a fortnight. On NCDEX, however, maize futures rose as traders anticipate an acute shortage after Bihar supplies dry up.

The June contract ended at a three-week high of 1,942 rupees per 100 kg, up 4% from the previous close.

 

Corn futures closed the day with most contracts 2 to 4 1/2 cents lower. The ethanol market is weaker, following a slight uptick in stocks. Weakness in wheat also dragged on corn.

This morning’s EIA report showed ethanol production in the week of 4/19 picking up by 32,000 barrels per day to 1.048 million bpd. That was the largest weekly output since early January.

Stocks were up just 71,000 barrels to 22.747 million barrels, with the Gulf and East Coast the only regions seen higher. Analysts are expecting to see 0.6-1 MMT in old crop corn export sales for the week of 4/18 in Thursday’s report, with 0-100,000 MT for new crop.