Maize settled down by -1.03% at 1255 tracking weakness in spot demand amid expectations of ample global supplies. Corn prices have faced headwinds as ideal weather across the U.S. Midwest has raised hopes for another year of record supplies. There was support for corn from some dry conditions in parts of the eastern corn belt and as traders adjusted positions ahead of the U.S. Department of Agriculture's monthly supply and demand report on Aug. 12. At Nizamabad market in Andhra Pradesh estimated market supply was at 500 Qtl, steady as against previous day’s arrival. At Naugachia market in Bihar total arrivals are at 3333 Quintal, steady as against previous day’s arrival. At Khanna market in Punjab estimated market supply was at 900 Quintal, up by 150 Quintal from previous day’s arrivals. The October requirement of 1.5 million tonne too will need to be met with the stocks from 2014-15 crop. The availability from Uttar Pradesh is poor and prices are now at over Rs 12,600 per tonne and delivered to Haryana ranging between Rs 14,000-14,400 per tonne. There was increase of almost Rs 1,500 per tonne in 15 days. Brazil's government crop supply agency, Conab, raised its 2014/15 corn forecast to 80.21 million tonnes from the 78.59 million seen last month. It also lifted its estimate of the now-harvested soybean crop to 96.04 million tonnes from 95.07 million. In Nizamabad maize prices gained 6 rupee to end at 1400 rupees per 100 kg.Technically market is under fresh selling as market has witnessed gain in open interest by 13.47% to settled at 9770, now Maize is getting support at 1249 and below same could see a test of 1243 level, And resistance is now likely to be seen at 1265, a move above could see prices testing 1275.

Trading Ideas:

Maize trading range for the day is 1243-1275.

Maize prices ended with losses tracking weakness in spot demand amid expectations of ample global supplies.

The October requirement of 1.5 million tonne too will need to be met with the stocks from 2014-15 crop.

NCDEX accredited warehouses maize stocks dropped by 41 tonnes to 15833 tonnes.

In Nizamabad maize prices gained 6 rupee to end at 1400 rupees per 100 kg.