Resistance seen at 1518 for NCDEX Maize
Commodity Online | September 19 2016
UPDATED 15:04:55 IST

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Maize on NCDEX settled up 1.01% at 1495 tracking firmness in spot demand despite weak trend in overseas prices amid harvest of all-time high U.S. crops. The USDA reported weekly export sales of 2016/17 U.S. corn at 703,500 tonnes, below a range of trade expectations for 800,000 to 1,100,000 tonnes. In India, maize has been sown in around 83.15 lakh hectares which is higher than 75.06 lakh hectare covered during corresponding period last year. In Karnataka, it has been sown in 12.62 lakh hectare which is higher than 10.16 lakh hectare covered during corresponding period last year while in Maharashtra; it has been up by 1.64 lakh hectares to 9.20 lakh hectares.

In M.P, it has been up by 1.65 lakh hectares to 12.63 lakh hectares. Corn exports are raised for Brazil with larger projected supplies for the local marketing year beginning in March 2017. Corn imports are raised for China, reflecting updated expectations of trade by non-state importers. China’s barley imports are lowered as the pace of trade has slowed in recent months, despite global feed barley prices that are well below a year ago. Foreign corn ending stocks for 2016/17 are lowered 0.7 million tons from last month.

Stock declines are the largest in Argentina and the EU, with the former reflecting expectations of larger exports during 2015/16. Global corn stocks, at 219.5 million, are down from last month but still projected to be record high. Technically market is under fresh buying as market has witnessed gain in open interest by 3.52% to settled at 3820 while prices up 15 rupee, now Maize is getting support at 1472 and below same could see a test of 1449 level, and resistance is now likely to be seen at 1518, a move above could see prices testing 1541.

Trading Ideas:

--Maize trading range for the day is 1449-1541.

--Maize gains tracking firmness in spot demand despite weak trend in overseas prices amid harvest of all-time high U.S. crops.

--The USDA reported weekly export sales of 2016/17 U.S. corn at 703,500 tonnes, below a range of trade expectations.

--NCDEX accredited warehouses maize stocks gained by 110 tonnes to 3443 tonnes.

--In Nizamabad maize spot prices gained 1.1 rupees to 1821.1 rupees per 100kgs.

Courtesy: Kedia Commodities