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Maize NCDEX Market Update
Maize on NCDEX settled down by -0.63% at 1412 tracking weakness in spot demand and overseas prices. Mexico's attempts to diversify its supplies of corn could threaten a crucial market for U.S. farmers who are increasingly dependent on exports to unload record stockpiles that are depressing prices. Mexico buys nearly all its corn imports from the United States - shipments that totaled 13.603 million tonnes in the year ending Aug. 31, 2016. The sales account for about 28 % of total U.S. corn exports, according to the U.S. Department of Agriculture.fore more update www.ripplesadvisory.com
Trading Ideas
*Maize trading range for the day is 1397-1425.
*Maize prices dropped tracking weakness in spot demand and overseas prices.
*At Nizamabad market in Andhra Pradesh estimated market supply was at 2000 Qtl, higher by 1000 Qtl from previous day’s arrivals.
*Traders await fresh acreage forecasts from the U.S. Department of Agriculture's annual outlook forum this week.
*In Nizamabad maize spot prices dropped -1.85 Rupees to 1476.65 Rupees per 100kgs.
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