Maize prices remained supported tracking firmness in overseas prices and due to stockiest demand. 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. The U. S. Department of Agriculture's weekly export sales report put corn sales at nearly 1.4 million tonnes, topping a range of trade expectations. The USDA also said that private exporters in the last day sold 126,312 tonnes of U. S. corn to unknown destinations. At Khanna market in Punjab, sources reported arrivals at 2250 Quintal, unchanged as compared to previous day’s arrival. At Naugachia market in Bihar estimated market supply was at 833 Quintal, up by 166 Quintal from previous day’s arrivals. In India, maize has been sown in around 14.72 lakh hectares which is higher than 13.46 lakh hectare covered during the 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 the corresponding period last year. In Bihar also, it has been sown in around 4.47 lakh hectares which are higher than 4.36 lakh hectare covered during the 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. In Nizamabad maize spot prices remains unchanged at0 rupees to 1500 rupees per 100kgs. Technically market is under short covering as market has witnessed drop in open interest by -9.11% to settled at 12770, now Maize is getting support at 1473 and below same could see a test of 1466 level, And resistance is now likely to be seen at 1486, a move above could see prices testing 1492.

Trading Ideas:

# Maize trading range for the day is 1466-1492.

# Maize prices remained supported tracking firmness in overseas prices and due to stockiest demand.

# The USDA also said that private exporters in the last day sold 126,312 tonnes of U. S. corn to unknown destinations.

# NCDEX accredited warehouses maize stocks gained by 10 tonnes to 9603 tonnes.

# In Nizamabad maize spot prices remains unchanged at0 rupeess to 1500 rupeess per 100kgs.