Maize Report
Maize Gulabbagh prices traded higher by 0.9% on a w-o-w basis at Rs.2270/quintal. Delayed maize sowing coupled with a slowdown in daily arrivals is supporting the prices. Kharif maize sowing pace gained momentum and increased by 10.9 Lakh Ha from the previous week to 19.03 Lakh Ha, however it lags by 14% from the previous year’s level of 22.09 Lakh Ha. IMD forecasts widespread to fairly widespread rainfall in the next few days. Kharif maize sowing pace would improve as the monsoon covered almost all the regions and the forecast for the next few days shows good rains across the major growing regions. Meanwhile, our analysis suggests the maize area would remain above 2 – 5% from the previous year. Maize new crop arrivals in Bihar – Yesterday arrival were around 30,000 bags, unchanged from the previous day. Cumulative arrivals from 1st Apr to 4 th Jul were 50.61 lakh bags India maize exports during Apr-22 were 2.51 Lakh MT, up by 21% yo-y but 5% down m-o-m. Cumulative maize exports from Oct-21 to Apr22 as per the official report is 21.86 Lakh MT, up 1% y-o-y. Vessel Mv Trans Autumn arrived in Vizag Port on 3rd July and would load 42,000 MT for maize exports.
CBOT Maize July futures 6.91% on a w-o-w basis at 619.6 US cents/bushel. Prices dropped as traders positioned ahead of the holiday weekend and an improving weather outlook in some growing regions bolstered optimism about yields. Maize prices would trade bearish unless it closes above TRP 692. US weekly export sales report on last Thursday showed net corn sales for MY 2021/22 at 88,800 MT, a marketing-year low--were down 87% from the previous week and 72% from the prior 4-week average. Net sales for MY 2022/23 were 119,300 MT. Weekly corn exports were reported at 1.25 MMT, up 9.37% w-o-w but down 9% from the prior 4- week average. The CFTC COT Report last Friday evening showed managed money traders cut their net long positions by 38,014 lots to 263,154 contracts while their net short position was reduced by 8,256 lots to 51,221 contracts.
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