Maize settled down by -0.21% at 1412 tracking weakness in spot demand and overseas prices. Southwest Monsoon will withdraw from the state in three to four days, leaving maize growers in the lower hills worried. The monsoon withdraws in the last month of September, but it is withdrawing earlier this time. The deficit from June 1 to September 9 is 28 per cent. Sowing of maize crop was delayed by 15 days and therefore harvesting of maize would be delayed. About 2.95 lakh hectares covered under maize (makki) is in tilling stage and in Zone I (Nalagarh, Paonta and parts of Kangra and Una), where the temperature will rise, chances of crop damage are more. As per IBIS data, around 28898 MT was exported during the period 31st Aug, 15 to 6th Sep, 15 mainly to Sri Lanka and UAE. 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. USDA raised its 2015/16 ending stocks estimate for corn to 1.771 billion bushels from 1.746 billion bushels and its 2014/15 ending stocks view to 1.876 billion bushels from 1.851 billion bushels. At New Delhi market total arrivals are at 400 quintals, unchanged as compared to previous day's arrival. At Davanagere market estimated market supply was at 1500 Bags, higher by 500 Bags as compared to previous day. In Nizamabad maize prices gained 9.45 rupee to end at 1528.5 rupees per 100 kg.Technically market is under fresh selling as market has witnessed gain in open interest by 5.67% to settled at 6710, now Maize is getting support at 1409 and below same could see a test of 1405 level, And resistance is now likely to be seen at 1416, a move above could see prices testing 1419.

Trading Ideas:

Maize trading range for the day is 1405-1419.

Maize prices ended with losses tracking weakness in spot demand and overseas prices.

Sowing of maize crop was delayed by 15 days and therefore harvesting of maize would be delayed.

As per IBIS data, around 28898 MT was exported during the period 31st Aug, 15 to 6th Sep, 15 mainly to Sri Lanka and UAE.

In Nizamabad maize prices gained 9.45 rupee to end at 1528.5 rupees per 100 kg.