Commodity Trading Tips for Maize by KediaCommodity

Ajay Kumar Kedia 14 November 2013

Mize Maize settled up 0.24% at 1270 due to a delay in arrival of the new crop as rains hit the harvesting operations though upside was limited because of supplies from the new season harvest and expectations of better crop. Fresh supplies have started coming into the local market and would gain pace gradually, but excessive rains in parts of Andhra Pradesh, one of the leading cultivating states, have hit the quality of the crop in some pockets. Arrivals have started, but quality produce is less because of excessive rains. Inferior quality produce is going to poultry and starch sector. Corn is cultivated during both summer and winter in India, Asia's largest exporter of the grain, but most of the output comes from the summer crop. Corn sowing in Bihar, the main production centre for the winter-sown crop, has started. Export inquiries have been sluggish, while expectations of higher U. S. production are likely to keep prices under pressure. Maize production in India this year is likely to touch record 25 million tonnes as adequate monsoon rains trigger higher acreage across growing states. According to data available from Ministry of Agriculture, area of maize has risen by 11% to 82.24-lakh hectare as against 74-lakh hectare in the corresponding period of last year, according to a leading domestic processor. Technically market is under short covering as market has witnessed drop in open interest by -1.17% to settled at 27060 while prices up 3 rupee, now Maize is getting support at 1266 and below same could see a test of 1263 level, And resistance is now likely to be seen at 1273, a move above could see prices testing 1277.