Maize prices rose across key spot markets as bulk purchases remained robust.

Bulk buyers are purchasing the coarse grain aggressively as they anticipate a sharp rise in prices once the supplies from Bihar start shrinking. Bihar is the largest grower of maize in the rabi season.

Maize futures on NCDEX were also up, taking cues from spot markets. The June maize contract ended 9 rupees higher at 1,910 rupees per 100 kg.

Corn futures saw double digit gains in the 2019 contracts, with deferred contracts 4 to 10 cents higher. May futures expired today at $3.60 1/2.

USDA confirming extremely slow planting and short covering caused the rally. After the Monday close, NASS reported IL is 71% behind normal planting pace at just 11%, with IN 51% below their average @ 6% and OH at 4% complete.

NE was 46% planted, with IA at 48% both lagging normal. Forecasts on the 7-day QPF show precip in the WCB, with minimal amounts in the ECB, which may allow for some planting (if soils can dry out).

The 6-10 day outlook looks wetter than normal for most of the Corn Belt. IEG Vantage (Informa) put their 2019 US corn acreage estimate at 90.7 million acres, down 2.1 million acres from USDA’s Intentions number.