Commodity Trading Tips for Maize by KediaCommodity

Ajay Kumar Kedia 27 August 2014

Maize Maize settled down -0.09% at 1141 as steady sowing progress is keeping prices under check. 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. Weak global cues are affecting the sentiments for the commodity as well. At Gulabbagh market arrivals were reported at 10000 Quintal, unchanged as compared to previous day’s arrival. At New Delhi market arrivals were reported at 600 quintals, 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. At Ahmedabad market in Gujarat arrivals estimated market supply was at 5000 bags, unchanged as compared to previous day’s arrival. 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. European Union maize (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. Production is expected to be better this season, though arrivals might be delayed. The USDA put the U.S. corn harvest at a record 14.032 billion bushels, but that was below consensus estimate of 14.253 billion. India recorded an all-time high kharif maize production of 17.51 million tonnes (mt), according to the third advanced estimate. Technically market is under long liquidation as market has witnessed drop in open interest by -1.63% to settled at 22350 while prices down -1 rupee, now Maize is getting support at 1133 and below same could see a test of 1124 level, And resistance is now likely to be seen at 1150, a move above could see prices testing 1158.