Maize

U.S. corn planting was seen at 84 percent complete, slightly behind market expectations. showers have threatened some corn seedlings. This is the largest corn re-plant season in many years, mostly in the eastern and southern Corn Belt.

The National Cooperative Dairy Federation of India buy 1,050 tonne maize through a reverse electronic auction on Friday.

After rising in the last few days, maize prices in Bihar benchmark Purnea market fell due to a rise in arrivals after rainfall in parts of the state faded away. Around 3,000 tonne of maize arrived in markets up from 2,000 tonne on previous close. On NCDEX rabi maize contracts traded higher because of high demand for the coarse grain stored in warehouses from poultry and starch feed manufacturers. The June maize contract ended up 0.6% from the previous close.

Demand for good-quality maize, containing 14% moisture, rose 20-30 repuees in Bihar Purnea market due to lower availability. Rains in Bihar in the last two days have led to increased moisture in the standing as well as the harvested crop. Arrivals to the market increased to 3,000 tonne from 2,000 tonne previous close due to respite from rains. NCDEX rabi maize contracts traded higher due to concerns over crop damage in Bihar after rains in the state. The June maize contract ended up 0.5% from the previous close.

NCDEX has modified specifications for maize contracts expiring in October and after. The October contract available for trading from Jun 1. quality specification for delivery of the grain state that a maximum of 1% of fungus allowed. The clause for fungus-affected grains has been added to garner a large set of value chain participants, to encourage deliveries and to make available a futures contract that suits their hedging requirement. Chhindwara has been added as an additional delivery centre, as Madhya Pradesh is the second-largest producer of maize and the Chhindwara belt harvests a large produce. There no premium or discount offered on the basis of quality.

Prices of rabi maize rose slightly in Bihar benchmark market of Purnea as arrivals have declined due to heavy rains. Mill-quality maize was sold up 5-10 rupees from the previous day. Arrivals of maize halved to 2,000 tonne from 4,000-4,500 tonne previous close. Farmers are not bringing much crop in markets, as some of the crops have been damaged due to hailstorms. Low demand for the moisture-laden crop checked any further gains in maize prices. Prices, however, are likely to fall in the coming days due to a likely bumper crop amid subdued demand.

Corn futures on the CBOT fell over 1% as traders booked profits after prices rose on previous close. July corn contract traded at $3.6625 a bushel, down 1.4% from the previous close. Corn prices rose on previous close due to weakness in US dollar against major currencies, which made the dollar-denominated commodity cheaper for foreign buyers. Prices were also supported by concerns of crop damage in the US due to rains in regions where the crop is grown. Expectations of higher supplies from major producers Argentina and Brazil are also weighing on prices.

Maize prices remained unchanged in Bihar Purnea market but traders fear that prices of new crop may fall in coming days as the state has been lashed by rains and hailstorm. The situation is bad, rains may deteriorate the quality of crop lying in fields.it only support the prices of stocked maize which is very few in quantity. India Meteorological Department forecast, squall and thunderstorm are likely to continue in Bihar on Thursday. Amid fears of crop damage, future contracts of maize gained on the NCDEX and June contract ended up 0.2% from previous close.

Govt May 1 food grain stock 50.5 million tonne vs 52.8 million tonne year ago.

Prices of maize in the key market of Purnea, Bihar, fell due to poor demand for the crop after recent rains in the region. Mill-quality maize was sold at around down 40 rupees from previous close. Recent heavy rains have hit the harvested crop lying in fields and led to higher moisture content in the grain. This had reduced demand. At around 5,000 tonne, arrivals were down compared with 9,000 tonne on previous close.

Wholesale prices of maize fell in the key market of Purnea, Bihar, due to poor demand after severe rains recently. The mill-quality maize was sold at around down 40 rupees from previous close. Heavy rains recently have hit the harvested crop lying in the fields and led to higher moisture content in the grain, thus reducing demand. Prices of the grain to fall further due to a likely bumper crop along with subdued demand.

The National Cooperative Dairy Federation of India on Monday bought 900 tonne maize in three lots at 1,765-1,851 rupees per 100 kg through an online auction. The commodity, which is used as cattle feed, was bought on behalf of the Kerala Cooperative Milk Marketing Federation. The federation, which has nearly 200 dairy cooperatives as its members, has developed an online trading platform to purchase feed stock and sell dairy products.

Futures contracts of maize on the NCDEX were trading higher due to concerns that rains in Bihar might damage the crop. The recent rainfall in the state is likely to damage the harvested crop lying in farms. In its third advanced estimate released last week, the government pegged India rabi maize output in 2016-17 (Jul-Jun) at 6.97 million tonne, slightly higher than 6.89 million tonne estimated earlier. Total production of maize in 2016-17 is pegged at 26.14 million tonne, slightly lower than 26.15 million tonne estimated earlier. Most active June contract of maize was trading up 0.8% from the previous close.

Prices of maize were up in the key wholesale markets of Purnea, Bihar, because of strong demand for the coarse grain. Demand was high as rainfall in the state raised concerns of damage in the harvested maize crop lying in farms. In Purnea, the mill quality of the grain was sold up nearly 20 rupees from previous close. Prices of the poor-quality maize also rose by 10-20 rupees per 100 kg. Arrivals of maize in Purnea were estimated at 9,000 tonne, higher than 8,000 tonne on previous close.

Planting of spring cereals and pulses was completed on an area of 6223 thousand hactare (86% of the plan). This is 3.7% less than planted at the same time last year (6465 thousand hactare). Spring barley was sown on 1557 thousand haactare (95%) against 1811 thousand hactare in 2016. Spring wheat on 169 thousand hactare (95%) against 164 thousand hactare in 2016, oats on 197 thousand hactare (95%) against 212 thousand hactare a year ago. Peas were seeded on 379 thousand hactare (115%) that is up 67.7% year-on-year (226 thousand hactare as of May 11, 2016). Corn planting in Ukraine is 84% complete. The lag in its progress reduced to 2%. The crop was sown on 3782 thousand hactare as of the reporting date against 3861 thousand hactare at the same time last year.

Prices of maize were steady in the key wholesale market of Purnea, in Bihar, as strong demand from stockists kept prices from falling even though arrivals nearly doubled. Arrivals of maize at the market nearly doubled to 8,000 bags (1bag=100kg) from Thursday. On Thursday, rainfall in the region kept arrivals in the market subdued. Arrivals increased, but demand for maize from stockists and other states was good, and this kept price steady. On the NCDEX, the most-active June contract of maize traded up 0.6% from the previous close.

Futures contracts of maize also ended higher on the NCDEX due to concerns over crop damage following rains in Bihar. The June maize contract ended up 0.6% from the previous close. Prices of the coarse grain remained unchanged in the spot markets and good-quality maize containing 14% moisture was sold at 1,200 rupees per 100 kg in Bihar Purnea market, at 1,400 rupees in Maharashtra Jalgaon, and at 1,560 rupees per 100 kg in Telangana Nizamabad market.

New Delhi Maize prices slumped by Rs 42 in futures trading after trimming of holdings by participants, triggered by a weak trend at the physical markets. Cutting down of holding by participants amid a weak trend at the spot markets due to a muted demand led to fall in maize kharif prices at futures trade here. At the National Commodity and Derivative Exchange counter, maize kharif for delivery in May contracts plummeted by Rs 42, or 2.95 per cent, with the business turnover of 870 open lots.

Prices of rabi maize fell in Purnea, the benchmark market, because of higher arrivals. In Purnea, Bihar, maize was quoted down from the previous day. The arrivals were pegged at 150,000-200,000 bags (1bag=100kg) compared with 100,000-150,000 bags on previous close. It is the peak season for maize (rabi) arrivals in Bihar. Prices are likely to fall in the coming days due to abundant supplies. Prices, however, may rise marginally from the current levels because recent rains and thunderstorms are likely to hit the standing crop in Bihar. In Devangere, a wholesale market in Karnataka, prices fell due to sufficient supplies. The coarse grain traded down 10 rupees from the previous close. Arrivals were around 1,200 bags, up 100-200 bags from previous close.

The National Cooperative Dairy Federation of India buy 900 tonne maize through a reverse electronic auction on Monday. The commodity, used as cattle feed, will be bought on behalf of the Kerala Co-operative Milk Marketing Federation. The National Cooperative Dairy Federation of India, which has nearly 200 dairy cooperatives as members, has developed an online trading platform to purchase feed stock and sell dairy products.