Maize on NCDEX settled down by -0.97% at 1432 tracking weakness in spot demand and overseas prices due to profit booking. Overall maize cash markets traded almost steady during the week. Poultry and starch feed makers of Ahmadabad market, quoted maize steady at Rs. 1450 per quintal compared to last week. Maize sourced from Davangere moved towards Bangalore and Nammakal at Rs. 1570 per quintal, 1630 per quintal respectively. It is being traded slightly down as maize crop is hitting in Tamilnadu market from Maharashtra.
At Nizamabad market in Andhra Pradesh sources reported arrivals at 15000 Qtl, up by 3000 Qtl as compared to previous day. India exported 4005 MT maize during the week ended 26th November’16 against 3652 MT previous week ending 20th November’16. Maize has been exported at an average FoB of $ 258.65 / MT. Indian maize is exported mainly to Nepal followed by UAE through Raxaul LCS and JNPT Sea. The USDA’s November WASDE report projected that U.S. stocks of corn will grow from 1.738 billion bushels at the beginning of the current marketing year to 2.403 billion bushels at the end of the marketing year. Large increases in stocks are expected even though corn consumption during the current marketing year is expected to exceed that of last year by 948 million bushels (6.9%).
Trading Ideas:
Maize trading range for the day is 1423-1443.
Maize trading range for the day is 1423-1443.
Maize prices ended with losses tracking weakness in spot demand and overseas prices due to profit booking.
At Nizamabad market in Andhra Pradesh sources reported arrivals at 15000 Qtl, up by 3000 Qtl as compared to previous day.
NCDEX accredited warehouses maize stocks gained by 151 tonnes to 4223 tonnes.
In Sangli maize spot prices gained 15 rupees to 1450 rupees per 100kgs.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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