Commodity Trading Tips for Maize by Kedia Commodity
Maize on NCDEX settled up 0.32% at 1551 tracking firmness in spot demand despite pressure in overseas prices amid plentiful global supplies and an improved weather outlook for the winter crop in the United States. Corn export sales came in at 848,200 tonnes, near the low end of expectations. Brazilian farmers should produce a record 2016-17 corn crop of 93.2 million tonnes this year, topping the 89.6 million tonnes expected in a previous survey. Farmers in China will plant less corn this season, resulting in the nation’s smallest crop in six years. A poll finds that, during the spring planting season, growers in China plan to cut corn acreage for the second straight year to 35.2 million hectares, the equivalent of roughly 85 million acres, and 4.1 percent less than a year ago. It is true that US crop data showed planting is lagging last year, particularly in the Midwest. Across the US, corn planting is now 6% complete, lagging the average pace of planting by three points, and last year's pace by five points. Corn planting in the Delta region is nearly complete, but is lagging across the Corn Belt, particularly in Missouri, where plantings are lagging last year by 33 points, at 17%.Global ending stocks for corn in 2016-17 were lifted by 2.3m tonnes, beating expectations by some 900,000 tonnes. Technically market is under short covering as market has witnessed drop in open interest by -1.81% to settled at 2720 while prices up 5 rupees, now Maize is getting support at 1547 and below same could see a test of 1542 level, And resistance is now likely to be seen at 1555, a move above could see prices testing 1558.
Maize trading range for the day is 1542-1558.
Maize gained tracking firmness in spot demand despite pressure in overseas amid plentiful global supplies and an improved weather outlook.
Brazilian farmers should produce a record 2016-17 corn crop of 93.2 million tonnes this year, topping the 89.6 million tonnes expected in a previous survey.
NCDEX accredited warehouses maize stocks gained by 31 tonnes to 1649 tonnes.
In Nizamabad maize spot prices gained 4.35 Rupees to 1521.35 Rupees per 100kgs.