Commodity Trading Tips for Maize by KediaCommodity

Ajay Kumar Kedia 22 November 2013

Maize Maize settled flat due to mounting new supplies in major producing states along with higher production estimates for the current year. As per the latest monthly grain report of United States Department of Agriculture (USDA) , India's post's MY ( marketing year ) 2013/14 maize production is raised to 23.0 MMT based on higher than anticipated planting of kharif corn. The government's provisional planting report for the period ending September 20, 2013 estimate planted area under kharif maize at 8.2 million hectares compared to 7.4 million hectare during the corresponding period last year. 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. Technically market is under fresh selling as market has witnessed gain in open interest by 1.62% to settled at 27000 while prices remain unchange0 rupee, now Maize is getting support at 1242 and below same could see a test of 1228 level, And resistance is now likely to be seen at 1267, a move above could see prices testing 1278.