Prices of maize across key spot markets fell due to a decline in demand from bulk buyers such as poultry feed manufacturers and starch manufacturers. A decline in arrivals, however, restricted the fall in prices. Demand weakened as bulk buyers reduced purchases at higher prices.

Maize futures on the National Commodity and Derivatives Exchange also fell tracking the spot markets. The most-active September maize contract ended down 1.6% at 2,190 rupees per 100 kg. Prices of maize are likely to rise in the coming days as arrivals have shrunk sharply and market participants also anticipate the crop to be lower on year.

Market participants peg 2018-19 (Jul-Jun) maize crop to be at 16-18 mln tn compared with 28.7 mln tn produced on 2017-18. The government also lowered its estimate for 2018-19 maize crop to 27.2 mln tn, in the fourth advance estimate, from 27.8 mln tn pegged earlier.

Corn futures were up 1 1/2 to 3 cents. USDA reported a private export sale of 328,000 MT of corn for 19/20 delivery to Mexico through their daily reporting system this morning. Traders are expecting a wide range of old crop export sales in the week of August 15 at 50,000-400,000 MT, with new crop at 200,000-600,000 MT.

Weekly ethanol data from EIA showed production in the week that ended on August 16 at 1.023 million barrels per day. That was down 22,000 bpd from the previous week and the lowest output since early April. Ethanol stocks dropped 516,000 barrels to 23.367 million barrels.

Reports on Tuesday showed ethanol plants idling or slowing production across the country due to poor margins. The ProFarmer Midwest Crop Tour found a Nebraska average yield of 172.55 bpa vs. 179.17 last year. They were touring IA and IL today. Today is your last chance to submit results for the Brugler Virtual Corn Tour.