Maize on NCDEX settled up by 0.45% at 1561 due to supply crunch and increase in demand in some pockets. The corn market faced pressure from China's move to slap anti-dumping duties on U.S. animal feed ingredient distillers' dried grains amid an intensifying spat between the world's two largest economies over agricultural trade. As per IBIS data, India exported 821 MT maize during the week ended 18th September’ 16 against 726 MT previous week ending 11th September’ 16. Maize has been exported at an average FoB of $260.26 / MT. Indian maize is exported mainly to Nepal mainly through Raxul LCS. At Khanna market in Punjab sources reported arrivals at 4500 Quintal, down by 1500 Quintal as against previous day. In India, maize has been planted in close to 8.2 million hectares and end users expect a large crop, starting September-October. In India, maize has been sown in around 83.22 lakh hectares as on 16th Sept’ 16 which is higher than 76.34 lakh hectare covered during corresponding period last year. In Karnataka, it has been sown in 12.67 lakh hectare which is higher than 10.43 lakh hectare covered during corresponding period last year while in Maharashtra; it has been up by 1.65 lakh hectares to 9.21 lakh hectares. In M.P, it has been up by 1.65 lakh hectares to 12.63 lakh hectares. However, in Rajasthan, it has been down by 0.48 lakh hectares to 9.32 lakh hectares. In Nizamabad maize spot prices gained 5.35 rupees to 1932 rupees per 100kgs.Technically now Maize is getting support at 1550 and below same could see a test of 1539 level, And resistance is now likely to be seen at 1577, a move above could see prices testing 1593.

Trading Ideas:

Maize trading range for the day is 1539-1593.

Maize prices ended with gains due to supply crunch and increase in demand in some pockets.

India maize seed sowing 8.38 mln hect vs 7.67 mln hect year ago

As per IBIS data, India exported 821 MT maize during the week ended 18th September’ 16 against 726 MT previous week

In Nizamabad maize spot prices gained 5.35 rupees to 1932 rupees per 100kgs.