Maize On NCDEX Settled Down By -2.21% At 1415

Maize on NCDEX settled down by -2.21% at 1415 as ample world supplies weighed on the market. The government reduced its corn supply outlook due to increased use in ethanol production. USDA lowered U.S. corn ending stocks for the 2016-17 crop by 35 million bushels in this month’s World Agricultural Supply and Demand Estimates data. Corn ending stocks for the 2016-17 crop were lowered 35 million bushels to 2.32 billion bushels. That came in slightly below the average pre-report trader estimate. Corn use for ethanol was bumped up 25 million bushels to 5.35 billion bushels, based on recent data from the grain crushings report.

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