Commodity Trading Tips for Maize by KediaCommodity

Ajay Kumar Kedia 12 June 2014

Maize Maize settled down -1.54% at 1085 due profit booking tracking weakness in spot demand. In Punjab traders reported arrivals at 1500 Quintal, down by 300 Quintal from previous trading day. In Delhi traders reported arrivals at 800 quintals, steady as against previous day’s arrival. However, international corn prices traded lower on reports of higher United States planting indicating expectations of record crop from the world's biggest maize producer. United States corn production will total 13.935 billion bushels in 2014-15, up from 13.925 billion bushels in 2013-14 and compared to forecast of 13.73 billion bushels, the USDA said in its WASDE report. Corn stockpiles in United States will swell to 1.726 billion bushels in 2014-15 compared to 1.14 billion bushes a year ago. India total maize production in 2013-14 is estimated at 23.29 million tons against 22.26 million tons due to higher sowing acreage coupled with favourable crop conditions in major producing states, the second advance estimates of Indian government showed. Maize exports from India are likely to remain lower this marketing year owing to higher prices due to a possible El Nino impact in the upcoming kharif season. Maize exports during October 2013 to April 2014 stood at 2.17 million tonne almost 1 million tonne lower than the corresponding period last year. For the marketing year October-September 2013-14, maize exports are expected to fall 26 per cent against 4.76 million tonne last year. Technically market is under fresh selling as market has witnessed gain in open interest by 2.36% to settled at 38110 while prices down -17 rupee, now Maize is getting support at 1066 and below same could see a test of 1048 level, And resistance is now likely to be seen at 1112, a move above could see prices testing 1140.