Maize on NCDEX settled up by 0.35% at 1434 tracking firmness in spot demand and overseas prices. Maize harvest continues at a fast pace in Telanagana, Karnataka and arrivals are somewhat good, but the quality of the produce is inconsistent. U.S. farmers plan to cut their corn seedings in the upcoming marketing year, the U.S. Department of Agriculture said. The USDA's Office of the Chief Economist estimated that farmers will seed 90.0 million acres of corn in the 2017/18 crop year, down 4.5 million acres from 2016/17. India exported 4005 MT maize during the week ended 26th November'16 against 3652 MT previous week ending 20th November'16. Maize has been exported at an average FoB of $ 258.65 / MT. Indian maize is exported mainly to Nepal followed by UAE through Raxaul LCS and JNPT Sea. Corn plantings would drop to 90 million acres, down by 4.5 million acres from this year, said USDA in tables that will be part of the long-term baseline presented at its annual Outlook Forum in late February. The USDA's November WASDE report projected that U.S. stocks of corn will grow from 1.738 billion bushels at the beginning of the current marketing year to 2.403 billion bushels at the end of the marketing year. In Nizamabad maize spot prices gained 6.5 rupees to 1448 rupees per 100kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 7.41% to settled at 13340 while prices up 5 rupee, now Maize is getting support at 1425 and below same could see a test of 1417 level, And resistance is now likely to be seen at 1438, a move above could see prices testing 1443.

Trading Ideas:

Maize trading range for the day is 1417-1443.

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

U.S. farmers plan to cut their corn seedings in the upcoming marketing year, USDA said.

NCDEX accredited warehouses maize stocks dropped by 101 tonnes to 4072 tonnes.

In Nizamabad maize spot prices gained 6.5 rupees to 1448 rupees per 100kgs.