Commodity Trading Tips for Maize by KediaCommodity

Ajay Kumar Kedia 22 July 2014

Maize Maize settled down -0.08% at 1211 on profit booking after prices gained on the heels of strong export demand coupled with possibility of delay in new kharif crop sowing. Moreover, forecasting of weak monsoon rainfall has also supported the prices in local mandies. The market sources suggested that weak rainfall will limit the sowing of maize in northern part of the country. The delayed monsoon this year is likely to hit the sowing of maize, an important kharif crop, across India. 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. Poor rains since the start of the June-September season had raised concerns of a first drought in five years. 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. In Punjab estimated market supply was at 3000 Quintal, lower by 1500 Quintal from previous trading day. In Delhi arrivals were reported at 800 quintals, unchanged as compared to previous day's arrival. In Bihar arrivals are at 20000 Quintal, steady as against previous day's arrival. Technically market is under long liquidation as market has witnessed drop in open interest by -1.12% to settled at 37960 while prices down -1 rupee, now Maize is getting support at 1204 and below same could see a test of 1197 level, And resistance is now likely to be seen at 1219, a move above could see prices testing 1227.