Maize prices across key spot markets remained steady as demand from bulk buyers fell, amid a decline in arrivals.

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

Maize futures on NCDEX were lower due to an anticipated decline in demand from bulk purchasers at high prices. The most active August contract ended at 2,151 rupees per 100 kg, down 0.3%.

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

Corn futures ended the session with 6 to 7 1/2 cent losses in most contracts. The weekly USDA Export Sales report indicated that 143,091 MT of old crop corn was sold for export during the week of July 25, below expectations. New crop bookings were also below the range of estimates at 129,608 MT.

Total combined old and new crop sales were at a 7-week low. The updated drought monitor through July 30 shows abnormal dryness expanding through parts of the Corn Belt. After the close, USDA reported 456.576 mbu of corn used for ethanol production during June.

That was down 1.33% from last year and 0.6% below May, though crush on a per day basis was up on fewer days in June. Brazil corn exports in July were reported at the largest since Dec 2015 at 6.317 MMT according to trade ministry data.