Maize prices softened further despite a fall in arrivals, mainly due to weak demand from feed manufacturers. Bulk buyers have reduced their purchases after prices rose sharply over the last few weeks.

They are awaiting prices to fall with the arrivals of the new crop.

In Nizamabad, arrivals were pegged at 500-600 bags (1 bag = 100 kg), about 100 bags lower from previous arrival, while in Davangere, arrivals were pegged at 500-600 bags, compared with 700-800 bags.

On NCDEX, the most active May maize contract fell by 14 rupees to 1,590 rupees per 100 kg.

Corn futures closed the session with most contracts 2 to 5 cents lower, with pressure coming from wheat. The weekly Export Inspections report showed shipments of 941,811 MT of corn in the week of 2/14.

That was slightly below last year but 25.34% larger than the previous week. Mexico and Japan were the top two destinations in that week. Inspections YTD are still 44.90% larger than the same time frame last year.

The EIA report will be pushed back to Thursday this week due to Monday’s President’s Day holiday. Brazil’s estimated second crop corn acreage at 12 million hectares (29.65 million acres).