Commodity Trading Tips for Maize by KediaCommodity

Ajay Kumar Kedia 5 August 2014

Maize Maize settled flat as pressure seen after the recent spell of showers would help boost the acreage. Demand is firm though, market sources suggest as the industrial players are still buying. At Davanagere market sources reported arrivals at 1500 Bags, higher by 1000 Bags from previous day’s arrivals. In Delhi estimated market supply was at 800 quintals, unchanged as compared to previous day’s arrival. In Punjab total market arrivals are at 500 Quintal, unchanged as compared to previous day’s arrival. In Bihar arrivals were reported at 8333 Quintal, up by 1666 Quintal as compared to previous day. Corn market is facing pressure as the weather has remained nearly perfect during the pollination Phase which is key for yields. The market sources suggested that heavy rainfall in northern and central parts of India has augmented the sowing pace of maize crop. In Gujarat total arrivals are at 3500 bags, higher by 500 bags from previous trading day. The International Grains Council raised its forecast for global corn production in 2014/15 to reflect favourable crop conditions, most notably in the United States. In a monthly update, the IGC saw world corn production at 969 million tonnes, up from a previous projection of 963 million and just shy of the prior season's record 974 million. South Africa is going to harvest bumper maize crop this season, however farmers may stand to loose because of lower price this year. Technically market is under fresh selling as market has witnessed gain in open interest by 0.45% to settled at 26910 while prices remain unchange0 rupee, now Maize is getting support at 1190 and below same could see a test of 1175 level, And resistance is now likely to be seen at 1220, a move above could see prices testing 1235.