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Ripples Advisory Maize Market Update News
Maize prices ended with losses tracking weakness in spot demand due to rise in supply. In India, maize has been sown in around 11.05 lakh hectares as on 16th December’ 16 which is higher than 10.26 lakh hectare covered during corresponding period last year. In Maharashtra, it has been sown in around 1.91 lakh hectares which are higher than 1.79 lakh hectare covered during corresponding period last year. The area under the rabi maize crop across the country was at 1.01 mln ha up 6.4% from a year ago, according to data released by the farm ministry.
Technically market is under fresh selling as market has witnessed gain in open interest by 0.21% to settled at 9710 while prices down -3 rupee, now Maize is getting support at 1446 and below same could see a test of 1436 level, And resistance is now likely to be seen at 1463, a move above could see prices testing 1470.
Trading Ideas
Trading Ideas
- Maize trading range for the day is 1436-1470.
- Maize prices ended with losses tracking weakness in spot demand due to rise in supply.
- At Nizamabad market in Andhra Pradesh total arrivals are at 4000 Qtl, up by 1000 Qtl as compared to previous day.
- NCDEX accredited warehouses maize stocks gained by 1918 tonnes to 9287 tonnes.
- In Nizamabad maize spot prices dropped -7.75 rupees to 1436.25 rupees per 100kgs.
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