Maize on NCDEX settled up by 2.99% at 1445 on short covering after prices dropped due to new crop arrival pressure. Some quantity of new crop of maize arrived into the market, contains 20% moisture level. New crop arrival pressure will emerge after Holi festival. The government Crop Estimates Committee forecast a 2017 harvest of 13.918 million tonnes, 79 percent more than in 2016. That forecast was 6 percent higher than expectations of 13.11 million tonnes. Cold weather, rains and resilient genetically-modified crops (GMO) have also limited the damage caused by an armyworm outbreak. The region offers potential export markets. Neighbouring Zimbabwe has been hit by the fall armyworm, an invasive South American species, denting crop output. The U. S. government projected a 7 percent decline in corn production in the 2017/18 marketing year to 14.065 billion bushels, but ending stocks were expected to remain burdensome at more than 2 billion bushels. At Khanna market in Punjab estimated market supply was at 1500 Quintal, lower by 300 Quintal from previous day's arrivals. At Nizamabad market in Andhra Pradesh sources reported arrivals at 5000 Qtl, up by 1000 Qtl as compared to previous day. At Naugachia market in Bihar, sources reported arrivals at 833 Quintal, unchanged as compared to previous day's arrival. In Ahmadabad region of Gujarat, poultry feed makers quoted maize firm by Rs. 20 per quintal to Rs. 1540 per quintal while starch feed makers quoted it firm by Rs. 10 per quintal to Rs. 1520 per quintal compared to last week. In Nizamabad maize spot prices gained 4.2 Rupees to 1466.1 Rupees per 100kgs. Technically now Maize is getting support at 1421 and below same could see a test of 1398 level, And resistance is now likely to be seen at 1456, a move above could see prices testing 1468.

Trading Ideas:

Maize trading range for the day is 1398-1468.

Maize prices ended with gains on short covering after prices dropped due to new crop arrival pressure.

Some quantity of new crop of maize arrived into the market, contains 20% moisture level.

NCDEX accredited warehouses maize stocks dropped by 7 tonnes to 2669 tonnes.

In Nizamabad maize spot prices gained 4.2 Rupees to 1466.1 Rupees per 100kgs.