Maize on NCDEX settled up 1.18% at 1463 tracking firmness in spot demand and overseas prices. In India, maize has been sown in around 14.72 lakh hectares which is higher than 13.46 lakh hectare covered during corresponding period last year. In Maharashtra, it has been sown in around 2.41 lakh hectares which are higher than 2.10 lakh hectare covered during corresponding period last year. In Bihar also, it has been sown in around 4.47 lakh hectares which is higher than 4.36 lakh hectare covered during corresponding period last year. 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. The International Grains Council raised its forecast for the global grains crop in 2016/17 from an already record level, partly driven by improved outlook for China's corn crop. Traders expected the USDA in its export sales report due to show corn sales in the week to Jan. 12 at 900,000 to 1.2 million tonnes. At Khanna market in Punjab estimated market supply was at 1500 Quintal, lower by 2250 Quintal from previous day’s arrivals. At Nizamabad market in Andhra Pradesh total arrivals are at 3000 Qtl, higher by 1000 Qtl from previous day’s arrivals. Technically market is under short covering as market has witnessed drop in open interest by -1.91% to settled at 13840 while prices up 17 rupee, now Maize is getting support at 1446 and below same could see a test of 1430 level, And resistance is now likely to be seen at 1476, a move above could see prices testing 1490.

Trading Ideas:

Maize trading range for the day is 1430-1490.

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

Traders expected the USDA in its export sales report due to show corn sales.

At Khanna market in Punjab estimated market supply was at 1500 Quintal, lower by 2250 Quintal from previous day’s arrivals.

In Nizamabad maize spot prices gained 4 rupees to 1489 rupees per 100kgs.