Maize settled down by -0.62% at 1438 after traders minimised their holdings in view of weakness in physical market sentiments. 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. Delivered price of maize to south India, particularly Coimbatore region from Bihar is now at Rs 15,500 per tonne or more. As per the report from India Meteorological Department, while rains have been intense in the west and north, maize-growing regions like Marathwada, north interior Karnataka, Rayalaseema and Telangana have not received enough rains. The latest production estimate for the total maize harvest this season in South Africa which was release last week is 9,755 million tons with an average yield of 3,7 tons per hectare. The total harvest last year was 14,25 million tons with an average yield of 5,3 tons per hectare. At Naugachia market in Bihar total arrivals are at 833 Quintal, unchanged as compared to previous day's arrival. At Khanna market in Punjab total arrivals are at 1050 Quintal, down by 150 Quintal from previous trading day. At Davanagere market sources reported arrivals at 1000 Bags, steady as against previous day's arrival. At New Delhi market sources reported arrivals at 400 quintals, steady as against previous day's arrival. In Nizamabad maize prices gained 0.84 rupee to end at 1530.45 rupees per 100 kg.Technically market is under fresh selling as market has witnessed gain in open interest by 14.77% to settled at 5750, now Maize is getting support at 1430 and below same could see a test of 1421 level, And resistance is now likely to be seen at 1452, a move above could see prices testing 1465.

Trading Ideas:

Maize trading range for the day is 1421-1465.

Maize prices dropped after traders minimised their holdings in view of weakness in physical market sentiments.

The latest production estimate for the total maize harvest this season in South Africa which was release last week is 9,755 million tons.

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.

In Nizamabad maize prices gained 0.84 rupee to end at 1530.45 rupees per 100 kg.