Maize on NCDEX settled up 1.39% at 1388 tracking firmness in spot demand and overseas prices. In Telangana, it has been sown in 5.85 lakh hectare which is higher than 4.22 lakh hectare covered during corresponding period last year. Maize Crop is at cob formation to harvesting stage. It is reported that traces of stem borer, blight and helicoverpa attacks in Nizamabad, Warangal and Karimnagar districts. India exported maize 4,519 MT for the month of Sept’16 against 8,337 MT for the month of August’ 16. Maize has been exported at an average FoB of $258.46/ MT. Indian maize is exported mainly to Nepal followed by Japan mainly through Raxul LCS followed by Mundra Sea. Maize cash markets traded mixed during the month of September’ 16 compared to last month but firm corresponding period of last year. At Ahmedabad market in Gujarat estimated market supply was at 4000 bags, lower by 1000 bags from previous trading day. At Nizamabad market in Andhra Pradesh, sources reported arrivals at 5000 Qtl, up by 3000 Qtl from previous day’s arrivals. At Naugachia market in Bihar estimated market supply was at 1667 Quintal, unchanged as compared to previous day’s arrival. At Khanna market in Punjab estimated market supply was at 3000 Quintal, lower by 1500 Quintal from previous trading day. Technically market is under short covering as market has witnessed drop in open interest by -1.34% to settled at 8860 while prices up 19 rupee, now Maize is getting support at 1373 and below same could see a test of 1359 level, And resistance is now likely to be seen at 1396, a move above could see prices testing 1405.

Trading Ideas:

Maize trading range for the day is 1359-1405.

Maize prices ended with gains tracking firmness in spot demand and overseas prices.

India exported maize 4,519 MT for the month of Sept’16 against 8,337 MT for the month of August’ 16.

At Nizamabad market in Andhra Pradesh, sources reported arrivals at 5000 Qtl, up by 3000 Qtl from previous day’s arrivals.

In Nizamabad maize spot prices remains unchanged at0 rupees to 1759.4 rupees per 100kgs.