- Maize settled down by -0.83% at 1191 tracking weakness in spot prices and overseas prices. The prevalent low price of maize in the market may dissuade the farmers of Punjab from retaining the area under maize. As a result, the maize farmers have to sell their produce at the market price, which, at present, is between Rs 800 and Rs 900 per quintal, depending on the moisture content, for the kharif crop.
- The state government has projected to bring 550,000 hectare under maize cultivation during the Fifth Five-Year Plan (2012-17). In 2012-13, the area under maize was 130,000 hectare; the aim was to raise it to 550,000 hectare in 2013-14.
- Technically market is under fresh selling as market has witnessed gain in open interest by 2.65% to settled at 3870 while prices down -10 rupee.Now Maize is getting support at 1180 and below same could see a test of 1169 level, And resistance is now likely to be seen at 1204, a move above could see prices testing 1217.
Trading Idias:->
- Maize trading range for the day is 1169-1217.
- Maize prices ended with losses tracking weakness in spot prices and overseas prices.
- In Nizamabad market, maize prices dropped -2 rupee to end at 1342 rupees per 10 kg.
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