Commodity Trading Tips for Maize by Kedia Commodity
Maize on NCDEX settled up 1.83% at 1443 tracking firmness in spot demand and overseas prices. Corn plantings were reduced by 4 percent to 90 million acres, slightly below market expectations. Corn stocks as of March 1 were a record 8.616 billion bushels, topping the 8.248 billion bushels reported in March 1987. The USDA said users burned through a record 3.770 billion bushels of corn from Dec. 1 to March 1. The USDA data showed weekly U.S. corn export sales of 716,000 tonnes for shipment during the current marketing season, below estimates for 900,000 to 1.2 million tonnes. Farmers may harvest at an estimated 14.32-million tonnes of maize in 2017‚ which represents the third-biggest maize crop on record. Favourable weather conditions have enabled producers to increase the area planted to summer crops‚ with maize output now expected to be 84% higher in 2017 than in 2016. In its second estimate for the year ‚ the Crop Estimates Committee said it had revised the maize output estimate by 2.91% from the first estimate. Argentine corn should benefit this season from high yields brought by good weather, the Buenos Aires Grains Exchange said, adding that it may increase its harvest estimate above the current 54.8 million tonnes. The U.S. Department of Agriculture reported weekly export sales of old-crop U.S. corn at 1.255 million tonnes, above a range of trade expectations and the most in seven weeks. Technically market is under fresh buying as market has witnessed gain in open interest by 35.29% to settled at 460 while prices up 26 rupees, now Maize is getting support at 1427 and below same could see a test of 1411 level, And resistance is now likely to be seen at 1452, a move above could see prices testing 1461.
# Maize trading range for the day is 1411-1461.
# Maize settled up tracking firmness in spot demand and overseas prices.
# Corn plantings were reduced by 4 percent to 90 million acres, slightly below market expectations.
# NCDEX accredited warehouses maize stocks gained by 31 tonnes to 1613 tonnes.
# In Nizamabad maize spot prices gained 13.75 Rupees to 1458.75 Rupees per 100kgs.