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

Maize on NCDEX settled up 0.57% at 1417 tracking firmness in spot demand and overseas prices. The USDA data showed weekly U.S. corn export sales of 716,000 tonnes for shipment during the current marketing season, below estimates for 900,000 to 1.2 million tonnes. Farmers may harvest at an estimated 14.32-million tonnes of maize in 2017‚ which represents the third-biggest maize crop on record. Favourable weather conditions have enabled producers to increase the area planted to summer crops‚ with maize output now expected to be 84% higher in 2017 than in 2016. In its second estimate for the year on Tuesday‚ the Crop Estimates Committee said it had revised the maize output estimate by 2.91% from the first estimate. The three main maize producing areas‚ namely the Free State‚ Mpumalanga and the North West were expected to produce 82% of the 2017 maize crop. However‚ the production forecast for sunflower seed was expected to drop 3.51% to 896‚060 tonnes‚ while that of soybean would increase 8.59% to 1.070-million tonnes. Argentine corn should benefit this season from high yields brought by good weather, the Buenos Aires Grains Exchange said, adding that it may increase its harvest estimate above the current 54.8 million tonnes. The U.S. Department of Agriculture reported weekly export sales of old-crop U.S. corn at 1.255 million tonnes, above a range of trade expectations and the most in seven weeks. Technically market is under fresh buying as market has witnessed gain in open interest by 36% to settled at 340 while prices up 8 rupees, now Maize is getting support at 1408 and below same could see a test of 1399 level, And resistance is now likely to be seen at 1428, a move above could see prices testing 1439.

Trading Ideas:

# Maize trading range for the day is 1399-1439.

# Maize prices gained tracking firmness in spot demand and overseas prices.

# The USDA data showed weekly U.S. corn export sales of 716,000 tonnes for shipment during the current marketing season.

# NCDEX accredited warehouses maize stocks dropped by 31 tonnes to 1582 tonnes.

# In Nizamabad maize spot prices remains unchanged at0 Rupees to 1445 Rupees per 100kgs.




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