Maize on NCDEX settled up by 0.3% at 1340 tracking firmness in spot demand and overseas prices amid slow U. S. harvest. The USDA said the U. S. corn harvest was 46 percent completed, behind the five-year average of 49 percent and lagging trade expectations. As per IBIS data, India exported 363.2 MT maize during the week ended 16th October’16 against 1153 MT previous week ending 8th October’16. Maize has been exported at an average FoB of $ 301.80 / MT. Indian maize is exported mainly to UAE and Malaysia through Mundra Sea followed by JNPT Sea. At Nizamabad market in Andhra Pradesh, arrivals were reported at 12000 Qtl, down by 8000 Qtl as compared to previous day. At Naugachia market in Bihar, arrivals were reported at 100 Quintal, steady as against previous day’s arrival. Pinning their hopes on the timely onset of North-East monsoon, farmers in the rainfed blocks of the district have taken up maize cultivation. Farming activity has been brisk in a cluster of villages in Pullampadi, Mannachanallur, Thuraiyur, Uppliyapuram, Musiri and Thottiyam blocks in Tiruchi district. Farmers said that they had raised a hybrid variety which fetches attractive returns every year. The recent showers has facilitated the farmers to prepare the fields by ploughing and planting of the seedlings has been brisk in parts of the rainfed areas. In Nizamabad maize spot prices dropped -13.5 rupees to 1443.15 rupees per 100kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 0.33% to settled at 9080 while prices up 4 rupee, now Maize is getting support at 1333 and below same could see a test of 1327 level, And resistance is now likely to be seen at 1345, a move above could see prices testing 1351.

Trading Ideas:

Maize trading range for the day is 1327-1351.

Maize prices ended with gains tracking firmness in spot demand and overseas prices amid slow U. S. harvest.

The USDA said the U. S. corn harvest was 46 percent completed, behind the five-year average of 49 percent and lagging trade expectations.

As per IBIS data, India exported 363.2 MT maize during the week ended 16th October’16 against 1153 MT previous week ending 8th October’16.

In Nizamabad maize spot prices dropped -13.5 rupees to 1443.15 rupees per 100kgs.