Maize trading range for the day is 1152-1212 Maize settled up by 0.51% at 1191 tracking firmness in spot demand amid short covering. With export of maize sluggish due to competitive prices and good quality in the international market, the makers of starch, for which it is an input, are optimistic. The price abroad is currently $175 a tonne as compared to the Indian price of $220. Partly as a result, the price in India is down by an average of Rs 200 a quintal since April.
A further fall is expected with arrival of the new crop. Higher ending stock of corn globally will reduce returns for the Indian corn growers thereby hurting sowing prospects in the kharif season in 2015.
At Nizamabad market in Andhra Pradesh total arrivals are at 500 Qtl, up by 100 Qtl from previous trading day. In Nizamabad maize prices gained 1.85 rupee to end at 1292.25 rupees per 100 kg. Technically market is under short covering as market has witnessed drop in open interest by -4.12% to settled at 11160 while prices up 6 rupee, now Maize is getting support at 1172 and below same could see a test of 1152 level, and resistance is now likely to be seen at 1202, a move above could see prices testing 1212.
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