Commodity Trading Tips for Maize by Kedia Commodity
Commodity Trading Tips for Maize by Kedia Commodity

Maize on NCDEX settled down by -0.62% at 1439 despite stockiest are keen to buy at this time. In India, maize has been sown in around 13.95 lakh hectares which is higher than 12.87 lakh hectare covered during corresponding period last year. Total maize crop area could be around 15 lakh hectares for the Rabi season during 2016/17. Due to cash crunch in the market, farmers are bringing less stock in the market as traders are not able to pay the farmers. Traders are hoping for the situation to be under control soon but currently, market trades are badly affected. The area under the rabi maize crop across the country was at 1.01 mln ha up 6.4% from a year ago, according to data released by the farm ministry. A year ago, farmers had sown maize across 953,600 ha. The acreage this year is also sharply higher than the normal acreage of 693,900 ha for this period, based on the average of the last five years, the data showed. In Bihar, India's largest producer of rabi maize, the acreage was at 222,000 ha, down 3.5% from a year ago, according to the data. At Khanna market in Punjab estimated market supply was at 2250 Quintal, lower by 750 Quintal as compared to previous day. At Ahmedabad market in Gujarat sources reported arrivals at 5000 bags, steady as against previous day’s arrival. In Nizamabad maize spot prices gained 10.3 rupees to 1457.8 rupees per 100kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 9.48% to settled at 12930 while prices down -9 rupee, now Maize is getting support at 1426 and below same could see a test of 1413 level, And resistance is now likely to be seen at 1453, a move above could see prices testing 1467.

Trading Ideas:

# Maize trading range for the day is 1413-1467.

# Maize prices ended with losses despite stockiest are keen to buy at this time.

# Total maize crop area could be around 15 lakh hectares for the Rabi season during 2016/17.

# NCDEX accredited warehouses maize stocks gained by 527 tonnes to 9593 tonnes.

# In Nizamabad maize spot prices gained 10.3 rupees to 1457.8 rupees per 100kgs.



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