Maize on NCDEX settled flat tracking weakness in overseas prices amid rising estimates on South America's corn output. The USDA left its forecast of U.S. 2016-17 corn exports unchanged at 2.225 billion bushels. 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. The three main maize producing areas‚ namely the Free State‚ Mpumalanga and the North West were expected to produce 82% of the 2017 maize crop. 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. At Khanna market in Punjab arrivals were reported at 1800 Quintal, higher by 900 Quintal as compared to previous day. At Ahmedabad market in Gujarat, sources reported arrivals at 3000 bags, lower by 1000 bags from previous day’s arrivals. In Nizamabad maize spot prices gained 0.05 Rupees to 1480.55 Rupees per 100kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 7.08% to settled at 2420 while prices remain unchange0 rupees, now Maize is getting support at 1470 and below same could see a test of 1467 level, And resistance is now likely to be seen at 1476, a move above could see prices testing 1479.
Maize trading range for the day is 1467-1479.
Maize settled flat tracking weakness in overseas prices amid rising estimates on South America's corn output.
The USDA left its forecast of U.S. 2016-17 corn exports unchanged at 2.225 billion bushels.
NCDEX accredited warehouses maize stocks gained by 31 tonnes to 1609 tonnes.
In Nizamabad maize spot prices gained 0.05 Rupees to 1480.55 Rupees per 100kgs.