Maize on NCDEX settled down -0.28% at 1446 on profit booking amid expectations of large supplies. The U.S. Department of Agriculture reported export sales of U.S. corn in the latest week at 761,600 tonnes, below a range of trade expectations. Maize crops raised in 1.20 lakh acres in and around Kunnam and Veppanthattai taluks in Perambalur districthave failed to yield for want of sufficient water, forcing farmers to cut down the crops to use as fodder for their cattle. Various farmers' bodies have appealed to the state government to announce Rs 20,000 per acre compensation for crop loss. 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. At Naugachia market in Bihar estimated market supply was at 1667 Quintal, higher by 834 Quintal as compared to previous day. At Khanna market in Punjab arrivals were reported at 5250 Quintal, up by 2250 Quintal from previous trading day. At Koppal market estimated market supply was at 7000 Bags, lower by 3000 Bags as compared to previous day. Technically market is under fresh selling as market has witnessed gain in open interest by 4.58% to settled at 15310 while prices down -4 rupee, now Maize is getting support at 1439 and below same could see a test of 1432 level, And resistance is now likely to be seen at 1457, a move above could see prices testing 1468.

Trading Ideas:

Maize trading range for the day is 1432-1468.

Maize prices dropped on profit booking amid expectations of large supplies.

USDA reported export sales of U.S. corn in the latest week at 761,600 tonnes, below a range of trade expectations.

NCDEX accredited warehouses maize stocks dropped by 150 tonnes to 4072 tonnes.

In Sangli maize spot prices dropped -15 rupees to 1435 rupees per 100kgs.