Maize on NCDEX settled up by 0.36% at 1409 on short covering after prices dropped amid overseas prices on pressure from record South American supplies. Argentine corn should benefit this season from high yields brought by good weather, the Buenos Aires Grains Exchange said, adding that it may increase its harvest estimate above the current 54.8 million tonnes. The U. S. Department of Agriculture reported weekly export sales of old-crop U. S. corn at 1.255 million tonnes, above a range of trade expectations and the most in seven weeks. The U. S. Department of Agriculture reported export inspections of U. S. corn in the latest week at 1,547,022 tonnes, at the high end of a range of trade expectations. Private analytics firm Informa Economics raised its projection of U. S. 2017 corn plantings to 90.8 million acres, from its January forecast of 90.5 million, trade sources said. Large speculators switched to a net short position in CBOT corn futures in the week to March 14, regulatory data showed. Corn prices dropped after the government Crop Estimates Committee forecast a 2017 harvest of 13.918 million tonnes, 79 percent more than in 2016. That forecast was 6 percent higher than expectations of 13.11 million tonnes. Cold weather, rains and resilient genetically-modified crops (GMO) have also limited the damage caused by an armyworm outbreak. The region offers potential export markets. Neighbouring Zimbabwe has been hit by the fall armyworm, an invasive South American species, denting crop output. In Nizamabad maize spot prices remains unchanged at0 Rupees to 1440 Rupees per 100kgs. Technically now Maize is getting support at 1402 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 1424.

Trading Ideas:

Maize trading range for the day is 1394-1424.

Maize gained on short covering after prices dropped amid overseas prices on pressure from record South American supplies.

Corn prices dropped after the government Crop Estimates Committee forecast a 2017 harvest of 13.918 million tonnes, 79 percent more than in 2016.

The U. S. Department of Agriculture reported export inspections of U. S. corn in the latest week at 1,547,022 tonnes.

In Nizamabad maize spot prices remains unchanged at0 Rupees to 1440 Rupees per 100kgs.