Maize on NCDEX settled up by 0.79% at 1412 on short covering tracking firmness in spot demand amid lower arrivals. The first maize procurement mandi is being established in Rajouri district as the area holds the distinction of producing highest quantity of maize in the entire State. The Minister said that the maize would be procured at the Mandi at "Minimum Support Price (MSP)", fixed by the Government of India. The Government has set a target of
2000 metric tons of maize to be procured in the State this year. The farmers will get competitive returns on their produce and save them from making distress sale of the same. At Naugachia market in Bihar estimated market supply was at 1667 Quintal, up by 834 Quintal from previous day's arrivals. At Khanna market in Punjab arrivals were reported at 3750 Quintal, lower by 2250 Quintal as against previous day. The USDA reported export sales of U. S. corn in the week to Nov. 10 at 1,661,000 tonnes, topping a range of trade expectations for 900,000 to 1.2 million tonnes. The USDA said private exporters in the last day sold 106,200 tonnes of corn to unknown destinations for delivery in 2016/17. As per IBIS data, India exported 3016 MT maize during the week ended 13th November'16 against 2421 MT previous week ending 6th November' 16. In Nizamabad maize spot prices gained 14.05 rupees to
1444.05 rupees per 100kgs. Technically market is under short covering as market has witnessed drop in open interest by -7.15% to settled at 19750 while prices up 11 rupee, now Maize is getting support at 1403 and below same could see a test of 1394 level, And resistance is now likely to be seen at 1417, a move above could see prices testing 1422.

Trading Ideas:

Maize trading range for the day is 1394-1422.

Maize prices ended with gains on short covering tracking firmness in spot demand amid lower arrivals.

The first maize procurement mandi is being established in Rajouri district as the area holds the distinction of producing highest quantity.

NCDEX accredited warehouses maize stocks gained by 52 tonnes to 4001 tonnes.

In Nizamabad maize spot prices gained 14.05 rupees to 1444.05 rupees per 100kgs.