Commodity Trading Tips for Maize by KediaCommodity

Ajay Kumar Kedia 28 August 2014

Maize Maize settled down -0.53% at 1135 tracking weakness in spot demand and overseas prices pressured by expectations of a bumper crop. According to the latest data from Agricultural Department, the acreage under Maize stands at 72.18 lakh hectares, which is down 7 lakh hectares compared to the last year but is still near the normal area. At New Delhi market sources reported arrivals at 800 quintals, higher by 200 quintals from previous trading day. At Ahmedabad market in Gujarat estimated market supply was at 5000 bags, unchanged as compared to previous day’s arrival. At Davanagere market arrivals were reported at 1000 Bags, higher by 400 Bags as compared to previous day. The U.S. Department of Agriculture bumped up its corn rating, as rains helped crop health in key production states. The USDA said in its weekly crop progress and conditions report that 73 percent of the corn crop was rated good to excellent as of Aug. 24. EU corn yields this season should be nearly 12 percent above those recorded in 2013, helped by good crop conditions, the EU's crop monitoring unit said. New-crop corn supplies will be a record 15.243 billion bushels, although the USDA trimmed 2013/14 ending stocks based on higher ethanol use and exports. In Nizamabad market, maize prices dropped -4.3 rupee to end at 1344 rupees per 10 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 0.89% to settled at 22550 while prices down -6 rupee, now Maize is getting support at 1124 and below same could see a test of 1112 level, And resistance is now likely to be seen at 1149, a move above could see prices testing 1162.