Maize prices fell in key spot markets as demand remained weak at high prices. Spot prices are sharply higher compared with the year-ago levels.
Bulk demand is unlikely to pick up as most buyers will wait for the new crop to hit markets in large quantities.
Tracking spot cues, maize futures on NCDEX ended lower with the most-active October contract closing 1.3% lower at 2,040 rupees per 100 kg.
Corn futures saw 4 to 5 1/4 cent gains in most contracts on Monday. Front month ethanol futures were up 1.11% on the day, helped by sharp gains in crude oil and a 20 cent per gallon jump in gasoline futures.
The afternoon Crop Progress report indicated 68% of the US corn crop in dented as of Sunday, with 18% mature (39% avg), and 4% listed as harvested (7% avg).
Conditions were unch at 55% gd/ex, as the Brugler500 index saw a 1 point bump to 348 on a 1% move from good to excellent.
The weekly Export Inspections report tallied corn shipments in the first full week of the 19/20 MT at 421,803 MT. That was down 31.09% from the week prior and less than half of the same week in 2018.