NCDEX MAIZE MARKET UPDATE

Maize settled up by 0.81% at 1366 amid short covering tracking firmness in spot demand and overseas prices. U.S. farmers have finished harvesting 42 percent of this year's bumper corn crop, up from 27 percent a week ago and nearly matching the five-year average of 43 percent, the U.S. Department of Agriculture said. In A.P, new crop arrivals with high moisture of around 14-28% have entered the market. Stock of maize in the Government’s warehouse is almost empty. The stock position was around 40,000 MT during the corresponding period of last year. Market is likely to trade slightly weak till the fresh demand for dry material arise.

Trading Ideas:
Maize trading range for the day is 1339-1381.
Maize prices ended with gains amid short covering tracking firmness in spot demand and overseas prices.
In A.P, new crop arrivals with high moisture of around 14-28% have entered the market.
NCDEX accredited warehouses maize stocks dropped by 297 tonnes to 50 tonnes.
In Nizamabad maize prices dropped -28.4 rupee to end at 1366.6 rupees per 100 kg.


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