Commodity Trading Tips for Maize by Kedia Commodity
Maize on NCDEX settled up by 1.17% at 1471 tracking firmness in spot demand despit of losses in overseas on expectations of further increases in South American production. 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 on Tuesday‚ 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. The U.S. Department of Agriculture is scheduled to release its monthly supply-demand report on Tuesday, and the government to raise its estimates of corn crops in the Southern Hemisphere. Large speculators trimmed their net short position in CBOT corn futures in the week to April. 4, regulatory data showed. 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. In Nizamabad maize spot prices gained 3.85 Rupees to 1480.5 Rupees per 100kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 47.83% to settled at 1360 while prices up 17 rupees, now Maize is getting support at 1454 and below same could see a test of 1438 level, And resistance is now likely to be seen at 1482, a move above could see prices testing 1494.
Maize trading range for the day is 1438-1494.
Maize gained tracking firmness in spot demand despit of losses in overseas on expectations of further increases in South American production.
USDA is scheduled to release its monthly supply-demand report, and the government to raise its estimates of corn crops in the Southern Hemisphere.
NCDEX accredited warehouses maize stocks gained by 31 tonnes to 1609 tonnes.
In Nizamabad maize spot prices gained 3.85 Rupees to 1480.5 Rupees per 100kgs.