Resistance seen at 1437 for NCDEX Maize
Commodity Online | September 02 2016
UPDATED 10:47:43 IST

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Maize on NCDEX settled down by -0.56% at 1429 tracking weakness in spot demand and overseas prices. In A.P, maize has been sown in 0.78 lakh hectare which is higher than 0.60 lakh hectare covered during corresponding period last year. Area of maize is higher than last year due to shift from soybean. It is reported that traces of Steam boarer and Shoot borer diseases attacks in Ananthapuram, and Srikakulam. The International Grains Council said this week in their monthly report that the country’s 2016/17 maize production would improve to 12.9 million tons, up by 68 percent from their 2015/16 estimate of 7.7 million tons.

The council revised their 2016/17 global maize production estimate by 1 percentage point from the previous estimate to 1 030 billion tons - 6 percent higher than the previous season’s crop. It said production increases were expected in the US, Brazil, Argentina, Ukraine, Russia, India and South Africa. The council said in the same season (2016/17), global maize ending stocks were estimated at 218 million tons, up by 5 percent from the previous season. At Khanna market in Punjab, sources reported arrivals at 4500 Quintal, steady as against previous day’s arrival.

At Ahmedabad market in Gujarat sourcesreported arrivals at 2000 bags, down by 1000 bags from previous trading day. In Nizamabad maize spot prices remains unchanged at0 rupees to 1804.45 rupees per 100kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 3.51% to settled at 2360 while prices down -8 rupee, now Maize is getting support at 1423 and below same could see a test of 1417 level, and resistance is now likely to be seen at 1437, a move above could see prices testing 1445.

Trading Ideas:

--Maize trading range for the day is 1417-1445.

--Maize prices ended with losses tracking weakness in spot demand and overseas prices.

--The IGC said this week in their monthly report that the country’s 2016/17 maize production would improve to 12.9 million tons.

--At Ahmedabad market in Gujarat sourcesreported arrivals at 2000 bags, down by 1000 bags from previous trading daY.

--In Nizamabad maize spot prices remains unchanged at0 rupees to 1804.45 rupees per 100kgs.

Courtesy: Kedia Commodities