Maize on NCDEX settled up by 0.95% at 1480 amid firmness in spot demand supported by a round of bargain buying. In India, maize has been sown in around 83.15 lakh hectares as on 9th September’16 which is higher than 75.06 lakh hectare covered during corresponding period last year. In Karnataka, it has been sown in 12.62 lakh hectare which is higher than 10.16 lakh hectare covered during corresponding period last year while in Maharashtra; it has been up by 1.64 lakh hectares to 9.20 lakh hectares. In M.P, it has been up by 1.65 lakh hectares to 12.63 lakh hectares. Corn exports are raised for Brazil with larger projected supplies for the local marketing year beginning in March 2017. Corn imports are raised for China, reflecting updated expectations of trade by non-state importers. China’s barley imports are lowered as the pace of trade has slowed in recent months, despite global feed barley prices that are well below a year ago. In A.P and Telangana, maize is likely to trade steady in the near term. Stock of maize could be around 10,000 MT which was 20,000 MT last year. In Nizamabad; stock of maize could be around 1000 MT which was 3000 MT last year. Maize crop is in good condition and expected to arrive after mid September. In Nizamabad maize spot prices remains unchanged at0 rupees to 1821.1 rupees per 100kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 1.1% to settled at 3690 while prices up 14 rupee, now Maize is getting support at 1471 and below same could see a test of 1463 level, And resistance is now likely to be seen at 1487, a move above could see prices testing 1495.

Trading Ideas:

Maize trading range for the day is 1463-1495.

Maize prices ended with gains amid firmness in spot demand supported by a round of bargain buying.

In India, maize has been sown in around 83.15 lakh hectares as on 9th September’16

NCDEX accredited warehouses maize stocks gained by 434 tonnes to 3333 tonnes.

In Nizamabad maize spot prices remains unchanged at0 rupees to 1821.1 rupees per 100kgs.