Maize settled up by 0.91% at 1324 tracking firmness in overseas prices as a marginal decline in crop ratings continued to support the market. Weather forecasts for the United States show widespread rain in the coming week, which should help soy crops in dry parts of the Midwest. August weather is critical for determining the size of the U. S. As per IBIS data, exports of corn were reported around 7108 tons for the period of 3rd Aug. to
9th Aug'15 mainly to Sri Lanka and Nepal. At Davanagere market sources reported arrivals at 1000 Bags, lower by 500 Bags as against previous day. At Nizamabad market in Andhra Pradesh total arrivals are at 200 Qtl, unchanged as compared to previous day's arrival. At Ahmedabad market in Gujarat total arrivals are at 2000 bags, down by 1000 bags from previous trading day. At New Delhi market arrivals were reported at 500 quintals, steady as against previous day's arrival. Also the government pegged the U. S. corn yield at 168.8bpa, up from 166.8 previously and the second highest on record, if realized. The USDA raised its 2015/16 corn production forecast to 13.686 billion bushels, the third-largest on record if realized. There was increase of almost Rs 1,500 per tonne in 15 days. In Nizamabad maize prices gained 3.2 rupee to end at 1448.2 rupees per 100 kg. Technically market is under short covering as market has witnessed drop in open interest by -2.32% to settled at 17690 while prices up 12 rupee, now Maize is getting support at 1311 and below same could see a test of 1299 level, And resistance is now likely to be seen at 1332, a move above could see prices testing 1341.

Trading Ideas:

Maize trading range for the day is 1299-1341.

Maize prices gained tracking firmness in overseas prices as a marginal decline in crop ratings continued to support the market.

Weather forecasts for the United States show widespread rain in the coming week, which should help soy crops in dry parts of the Midwest.

NCDEX accredited warehouses maize stocks dropped by 350 tonnes to 13166 tonnes.

In Nizamabad maize prices gained 3.2 rupee to end at 1448.2 rupees per 100 kg.