Maize on NCDEX settled down -0.51% at 1361 tracking weakness in spot demand and overseas prices on expectations of record U.S. production. The USDA report is expected to show that U.S. farmers will probably harvest 15.060 billion bushels of corn this year, based on an average yield of 173.5 bushels per acre. 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. It is reported that traces of stem borer, blight and helicoverpa attacks in Nizamabad, Warangal and Karimnagar districts. Corn production is forecast at 15.057 billion bushels, down 36 million from last month as a lower forecast yield more than offsets an increase in harvested area. Corn supplies for 2016/17 are down slightly to 16.845 billion bushels, as a lower crop more than offsets a small increase in beginning stocks. Exports are raised 50 million bushels, reflecting current U.S. export commitments that are well above a year ago. Corn exports are raised for Brazil and Argentina, with larger projected supplies in the former and an expected increase in the relative competitiveness of both countries for the local marketing year that begins March 2017. Other large month-to-month increases in corn imports are forecast for Iran, Vietnam, and Mexico. Technically market is under fresh selling as market has witnessed gain in open interest by 1.46% to settled at 9040 while prices down -7 rupee, now Maize is getting support at 1356 and below same could see a test of 1350 level, And resistance is now likely to be seen at 1366, a move above could see prices testing 1370.

Trading Ideas:

Maize trading range for the day is 1350-1370.

Maize ended with losses tracking weakness in spot demand and overseas prices on expectations of record U.S. production.

The USDA report is expected to show that U.S. farmers will probably harvest 15.060 billion bushels of corn this year.

Corn supplies for 2016/17 are down slightly to 16.845 billion bushels, as a lower crop more than offsets a small increase in beginning stocks.

In Nizamabad maize spot prices dropped -75.7 rupees to 1620 rupees per 100kgs.