Maize on NCDEX settled down by -0.27% at 1467 tracking weakness in spot demand and overeas prices. In India, maize has been sown in around 15.96 lakh hectares as on 27th Januarynrsquo;17 which is higher than 14.49 lakh hectare covered during corresponding period last year. In Maharashtra, it has been sown in around 2.73 lakh hectares which is higher than 2.12 lakh hectare covered during corresponding period last year. In Bihar, it has been sown in around 4.48 lakh hectares which is higher than 4.38 lakh hectare covered during corresponding period last year. 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. In corn, the CFTC showed large speculators flipped from a net short to a net long position for the first time since July. At Khanna market in Punjab, traders reported arrivals at 1800 Quintal, down by 1200 Quintal as compared to previous day. At Nizamabad market in Andhra Pradesh, estimated market supply was at 4000 Qtl, higher by 1000 Qtl as compared to previous day. In Nizamabad maize spot prices gained 3.35 Rupees to 1500 Rupees per 100kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 5.2% to settled at 3640 while prices down -4 rupees, now Maize is getting support at 1461 and below same could see a test of 1454 level, And resistance is now likely to be seen at 1477, a move above could see prices testing 1486.

Trading Ideas:

Maize trading range for the day is 1454-1486.

Maize settled down tracking weakness in spot demand and overeas prices.

In India, maize has been sown in around 15.96 lakh hectares as on 27th Januarynrsquo;17 which is higher than 14.49 lakh hectare covered during corresponding period last year.

At Nizamabad market in Andhra Pradesh, estimated market supply was at 4000 Qtl, higher by 1000 Qtl as compared to previous day.

In Nizamabad maize spot prices gained 3.35 Rupees to 1500 Rupees per 100kgs.