Prices of maize across spot markets remained steady due to a fall in demand amid gradually declining arrivals.

In Nizambad, maize was sold at 2,430-2,450 rupees per 100 kg, unchanged.

On NCDEX, however, the September contract fell marginally due to a decline in demand in spot markets. The contract was at 2,150 rupees per 100 kg, 0.4% lower from the previous close.

Spot prices of maize are seen rising in coming months due to acute shortage of supply in domestic markets.

 

Corn futures ended the Turnaround session with most nearby contracts 5 to 6 cents lower. December closed the gap from back on May 24 at $4.20, hitting a 2-month low.

USDA still shows each of the 18-reported states (excluding TN) behind their respective progress pace for silking and dough. Wk/wk improvements in crop conditions were reported in IL and MO (+6), as well as IA and SD (+4).

Ratings in NE and MN were down 2, with OH 4 points lower. The 6-10 day outlook shows cooler than normal temps for much of the WCB over the in that time period, with above normal precip chances.

The national corn cash index from cmdtyView shows an average cash price of $4.02 3/4, up 67 1/2 cents from the same day last year. They also peg basis at -8 1/2 cents, stronger than last year but weakening ~1 1/4 cents from last week.