Maize traded in range ahead of a more influential monthly crop report from the U. S. Department of Agriculture. Beijing curbed its forecast on China's 2016/17 corn surplus due to better-than-expected domestic demand and lower imports, as it embarks on a strategy to erode its vast stockpile, curb acreage and boost consumption. In its monthly crop report, the Ministry of Agriculture said it expected surplus supply for the 2016/17 season that ends in September to total 4.41 million tonnes, down from last month's prediction of 5.11 million tonnes. That would be way below 33.73 million tonnes in 2015/16. The data does not include state reserves, which are estimated to be around 200 million tonnes, equivalent to one year's worth of demand. The ministry said its lower forecast was driven by a 200,000-tonne cut in China's import estimate, with local grain prices becoming more competitive with international markets. In India, maize has been sown in around 15.96 lakh hectares which is higher than 14.49 lakh hectare covered during corresponding period last year. In Maharashtra, it has been sown in around 2.73 lakh hectares which is higher than 2.12 lakh hectare covered during corresponding period last year. In Bihar, it has been sown in around 4.48 lakh hectares which is higher than 4.38 lakh hectare covered during corresponding period last year. In Nizamabad maize spot prices dropped -2.2 Rupees to 1487.2 Rupees per 100kgs. Technically now Maize is getting support at 1473 and below same could see a test of 1470 level, And resistance is now likely to be seen at 1478, a move above could see prices testing 1480.

Trading Ideas:

# Maize trading range for the day is 1470-1480.

# Maize prices traded in range ahead of a more influential monthly crop report from the U. S. Department of Agriculture.

# Beijing curbed its forecast on China's 2016/17 corn surplus due to better-than-expected domestic demand and lower imports.

# In its monthly crop report, the Ministry of Agriculture said it expected surplus supply for the 2016/17 season.

# In Nizamabad maize spot prices dropped -2.2 Rupees to 1487.2 Rupees per 100kgs.