Commodity Trading Tips for Maize by KediaCommodity

Ajay Kumar Kedia 19 June 2014

Maize Maize settled down -0.18% at 1103 tracking weak global cues on expectations of higher output from the world's biggest corn producer following reports of good crop conditions. Corn harvest in United States is set to reach a record of 13.935 billion bushels from 13.925 billion a year earlier, the USDA said in its monthly crop data. In Punjab traders reported arrivals at 1950 Quintal, up by 450 Quintal as compared to previous day. In Delhi arrivals were reported at 500 quintals, lower by 200 quintals as compared to previous day. India s rainfall deficiency widens to 48% until Jun 15 due to late start and slow progress of monsoon hitting kharif sowing operations. International corn prices traded higher as unfavourable weather condition in United States triggered fear of damage the quality of the standing crops. According to the latest data, acreage under the coarse cereals stood at 60.94 lakh hectares compared with 61.92 lakh hectares as on the date last year. This is showing a drop of around 1.60% on the year but is also indicating that some pick up is emerging in the sowing activity off late. As per the second advance estimates of Indian government, the total maize production in 2013-14 is estimated at 23.29 million tonnes against 22.26 million tonnes due to higher sowing acreage coupled with favouable crop conditions in major producing states. Technically market is under long liquidation as market has witnessed drop in open interest by -1.72% to settled at 33660 while prices down -2 rupee, now Maize is getting support at 1098 and below same could see a test of 1092 level, And resistance is now likely to be seen at 1111, a move above could see prices testing 1118.