Maize on NCDEX settled up by 0.21% at 1434 on short covering after prices dropped ample global supplies. However upside also seen limited pressured by production outlooks from South America. Argentina's Rosario Exchange raised its forecasts for the 2016/17 corn crops, citing better than expected yields and improving weather in late February. The Exchange's report also raised the corn crop outlook to 38 million tonnes from 36.5 million tonnes previously. Corn prices dropped after the government Crop Estimates Committee forecast a 2017 harvest of 13.918 million tonnes, 79 percent more than in 2016. That forecast was 6 percent higher than expectations of 13.11 million tonnes. Cold weather, rains and resilient genetically-modified crops (GMO) have also limited the damage caused by an armyworm outbreak. The region offers potential export markets. Neighbouring Zimbabwe has been hit by the fall armyworm, an invasive South American species, denting crop output. Delays in corn shipments from the United States have offered China a chance to showcase its grain to major Asian buyers like Japan and South Korea, raising the prospect of a new player in global grain markets. One deal is close and talks have begun on two more, sources said, with China benefiting from its close proximity to big Asian customers and bulging stockpiles left over from a now-abandoned farmer support scheme. In Nizamabad maize spot prices gained 1.1 Rupees to 1456.65 Rupees per 100kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 4.17% to settled at 1750 while prices up 3 rupees, now Maize is getting support at 1420 and below same could see a test of 1406 level, And resistance is now likely to be seen at 1443, a move above could see prices testing 1452.

Trading Ideas:

Maize trading range for the day is 1406-1452.

Maize prices ended with gains on short covering after prices dropped ample global supplies.

However upside also seen limited pressured by production outlooks from South America.

Argentina's Rosario Exchange raised its forecasts for the 2016/17 corn crops, citing better than expected yields.

In Nizamabad maize spot prices gained 1.1 Rupees to 1456.65 Rupees per 100kgs.