Commodity Trading Tips for Maize by Kedia Commodity

Ajay Kumar Kedia 12 December 2014

Maize Maize settled up by 0.26% at 1170 tracking firmness in spot demand and overseas prices after release of USDA report. U. S. government raised its outlook for global supplies as an expanding grain glut drives down global food costs. World corn stockpiles will be 192.2 million metric tons, up from 191.5 million forecast last month, the U. S. Department of Agriculture said today. The agency increased its outlook for global production, citing bigger crops in Europe and China. At Naugachia market in BIHAR total arrivals are at 833 Quintal, unchanged as compared to previous day's arrival. At Nizamabad market in Andhra Pradesh arrivals were reported at 6000 Qtl, steady as against previous day's arrival. At Davanagere market total arrivals are at 1000 Bags, steady as against previous day's arrival. At New Delhi market sources reported arrivals at 500 quintals, down by 100 quintals from previous trading day. At Ahmedabad market in Gujarat estimated market supply was at 6000 bags, lower by 9000 bags from previous day's arrivals. At Khanna market in Punjab estimated market supply was at 1500 Quintal, steady as against previous day's arrival. China will begin to buy corn from farmers under an annual intervention program, a government body said, offering the same prices as last year as it seeks to shore up the domestic market and boost rural incomes. In Nizamabad market, maize prices dropped -2 rupee to end at 1342 rupees per 10 kg. Technically market is under fresh buying as market has witnessed gain in open interest by 17.44% to settled at 10840 while prices up 3 rupee, now Maize is getting support at 1160 and below same could see a test of 1151 level, And resistance is now likely to be seen at 1178, a move above could see prices testing 1187.