Maize settled down -1.42% at 1253 because of supplies from the new season harvest, expectations of better crop and sluggish export demand. Maize production in India this year is likely to touch record 25 million tonnes as adequate monsoon rains trigger higher acreage across growing states. According to data available from Ministry of Agriculture, area of maize has risen by 11% to 82.24-lakh hectare as against 74-lakh hectare in the corresponding period of last year, according to a leading domestic processor. Fresh supplies have started coming into the local market and would gain pace gradually, but excessive rains in parts of Andhra Pradesh, one of the leading cultivating states, have hit the quality of the crop in some pockets. Arrivals have started, but quality produce is less because of excessive rains. Inferior quality produce is going to poultry and starch sector. Corn is cultivated during both summer and winter in India, Asia's largest exporter of the grain, but most of the output comes from the summer crop. Corn sowing in Bihar, the main production centre for the winter-sown crop, has started. Export inquiries have been sluggish, while expectations of higher U. S. production are likely to keep prices under pressure. Technically market is under long liquidation as market has witnessed drop in open interest by -0.29% to settled at 27040 while prices down -18 rupee, now Maize is getting support at 1244 and below same could see a test of 1236 level, And resistance is now likely to be seen at 1265, a move above could see prices testing 1278.

Trading Ideas:

Maize trading range for the day is 1236-1278.

Maize dropped because of supplies from the new season harvest, expectations of better crop and sluggish export demand.

Area of maize has risen by 11% to 82.24-lakh hectare as against 74-lakh hectare in the corresponding period of last year

Export inquiries have been sluggish, while expectations of higher U. S. production are likely to keep prices under pressure.

Technically market is under long liquidation as market has witnessed drop in open interest by -0.29% to settled at 27040