Maize prices ended with gained tracking firmkness in spot demand and overseas prices. The International Grains Council raised its forecasts for world corn in the 2016-17 season to record highs. The USDA reported weekly export sales of 71,100 tonnes of old-crop corn, below trade expectations, and 1,059,900 tonnes of new-crop corn, above expectations. As per IBIS data, India exported 2286 MT maize during the week ended 14th August' 16 against 1744 MT previous week ending 6th August' 16. Maize has been exported at an average FoB of $247.58 / MT. Indian maize is exported mainly to Nepal mainly through Raxul LCS. At Ahmedabad market in Gujarat arrivals were reported at 5000 bags, up by 2000 bags from previous trading day. In Telangana, it has been sown in 5.63 lakh hectare which is higher than 3.95 lakh hectare covered during corresponding period last year. It is reported that traces of steam boarer disease attacks in Nizamabad, Karimnagar and Mahboobnagar districts. In A.P, maize has been sown in 0.78 lakh hectare as on 19th August' 16 which is higher than 0.57 lakh hectare covered during corresponding period last year. Area of maize is higher than last year due to shift from soybean. It is reported that traces of Steam boarer and Shoot borer diseases attacks in Ananthapuram, and Srikakulam. Technically market is under short covering as market has witnessed drop in open interest by -0.16% to settled at 25660 while prices up 6 rupee, now Maize is getting support at 1483 and below same could see a test of 1469 level, And resistance is now likely to be seen at 1508, a move above could see prices testing 1519.

Trading Ideas:

Maize trading range for the day is 1469-1519.

Maize prices ended with gained tracking firmness in spot demand and overseas prices.

The International Grains Council raised its forecasts for world corn in the 2016-17 season to record highs.

In Telangana, it has been sown in 5.63 lakh hectare which is higher than 3.95 lakh hectare covered during corresponding period last year.

In Nizamabad maize spot prices gained 22.1 rupees to 1760.85 rupees per 100kgs.