Commodity Trading Tips for Maize by Kedia Commodity

Maize on NCDEX settled up by 0.56% at 1443 as stockiest are keen to buy at this time. In India, maize has been sown in around 14.72 lakh hectares as on 13th January’ 17 which is higher than 13.46 lakh hectare covered during corresponding period last year. In Maharashtra, it has been sown in around 2.41 lakh hectares which are higher than 2.10 lakh hectare covered during corresponding period last year. In Bihar also, it has been sown in around 4.47 lakh hectares which is higher than 4.36 lakh hectare covered during corresponding period last year. At Naugachia market in Bihar, estimated market supply was at 667 Quintal, down by 166 Quintal as against previous day. At Nizamabad market in Andhra Pradesh, sources reported arrivals at 2000 Qtl, lower by 2000 Qtl from previous day’s arrivals. 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. In Nizamabad maize spot prices gained 1.15 rupees to 1478.35 rupees per 100kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 0.48% to settled at 14540 while prices up 8 rupee, now Maize is getting support at 1439 and below same could see a test of 1434 level, And resistance is now likely to be seen at 1448, a move above could see prices testing 1452.

Trading Ideas:

Maize trading range for the day is 1434-1452.

Maize prices ended with gains as stockiest are keen to buy at this time.

In India, maize has been sown in around 14.72 lakh hectares as on 13th January’ 17 which is higher than 13.46 lakh hectare.

The acreage this year is also sharply higher than the normal acreage of 693,900 ha for this period

In Nizamabad maize spot prices gained 1.15 rupees to 1478.35 rupees per 100kgs.