Maize prices rose across key spot markets due to pick up in bulk purchases. A marginal in arrivals, however, restricted sharp gains in prices.

The late-sown rabi maize crop in Uttar Pradesh usually arrives early in June, which is now in full swing. However, maize prices may rise in the coming days once the supply from Uttar Pradesh shrinks.

Maize futures rose sharply on NCDEX due to an anticipated supply shortage in the coming days. The most active July contract rose 2.2% to 1,962 rupees per 100 kg.

 

Corn futures ended the Turnaround session with 4 to 6 cent losses in most nearby contracts. Profit taking after hitting a 5-year high on Monday weighted on the market.

Some pressure also came from weakness wheat, as the nearby KC wheat-corn spread was 16 1/2 cents at the close. That was the lowest since 2013.

Monday’s Crop Progress report showed that OH still has 32% of the crop left to be seeded, with IL 12% remaining.

EIA will release their weekly ethanol production and stocks data on Wednesday morning. Dr Michael Cordonnier raised his 18/19 Brazilian corn production estimate by 1 MMT to 100 MMT.