Commodity Trading Tips for Maize by KediaCommodity

Ajay Kumar Kedia 17 July 2014

Maize Maize settled down -0.41% at 1213 tracking weakness in spot demand and overseas prices as expectations of near-record production in the United States. The U.S. Department of Agriculture, in a weekly report, unexpectedly raised its condition rating for the U.S. corn crop by 1 percentage point to 76 percent good to excellent. Condition ratings for soybeans held steady at 72 percent good to excellent, with both crops off to their best start since 1994. In Delhi total arrivals are at 800 quintals, unchanged as compared to previous day’s arrival. In Bihar total arrivals are at 5000 Quintal, unchanged as compared to previous day’s arrival. In Punjab arrivals were reported at 3000 Quintal, unchanged as compared to previous day’s arrival. The delayed monsoon this year is likely to hit the sowing of maize, an important kharif crop, across India. Maize is primarily grown in Andhra Pradesh, Karnataka and Maharashtra during the kharif season and in Bihar during the rabi season. 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. As per the second advance estimates of Indian government, the total maize production in 2013-14 is estimated at 23.29 million tonnes against 22.26 million tonnes due to higher sowing acreage coupled with favourable crop conditions in major producing states. Technically market is under fresh selling as market has witnessed gain in open interest by 0.03% to settled at 39060 while prices down -5 rupee, now Maize is getting support at 1203 and below same could see a test of 1194 level, And resistance is now likely to be seen at 1220, a move above could see prices testing 1228.