Maize prices settled flat as pressure seen from ample global supplies. In India, maize has been sown in around 13.95 lakh hectares which is higher than 12.87 lakh hectare covered during corresponding period last year. Total maize crop area could be around 15 lakh hectares for the Rabi season during 2016/17. Due to cash crunch in the market, farmers are bringing less stock in the market as traders are not able to pay the farmers. Traders are hoping for the situation to be under control soon but currently, market trades are badly affected. The area under the rabi maize crop across the country was at 1.01 mln ha up 6.4% from a year ago, according to data released by the farm ministry. A year ago, farmers had sown maize across 953,600 ha. The acreage this year is also sharply higher than the normal acreage of 693,900 ha for this period, based on the average of the last five years, the data showed. In Bihar, India's largest producer of rabi maize, the acreage was at 222,000 ha, down 3.5% from a year ago, according to the data. At Khanna market in Punjab total arrivals are at 3000 Quintal, steady as against previous day’s arrival. At Nizamabad market in Andhra Pradesh arrivals were reported at 4000 Qtl, higher by 2000 Qtl as compared to previous day. In Nizamabad maize spot prices gained 6.45 rupees to 1469.45 rupees per 100kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 0.07% to settled at 14420 while prices up 1 rupee, now Maize is getting support at 1434 and below same could see a test of 1431 level, And resistance is now likely to be seen at 1439, a move above could see prices testing 1441.

Trading Ideas:

Maize trading range for the day is 1431-1441.

Maize prices settled flat as pressure seen from ample global supplies.

Total maize crop area could be around 15 lakh hectares for the Rabi season during 2016/17.

At Nizamabad market in Andhra Pradesh arrivals were reported at 4000 Qtl, higher by 2000 Qtl as compared to previous day.

In Nizamabad maize spot prices gained 6.45 rupees to 1469.45 rupees per 100kgs.