Maize settled down -0.25% at 1214 due to supplies from the new season crop, prospects of higher production and sluggish demand from overseas buyers. Daily arrivals in the local market from the new harvest are higher while the quality of the supplies from some centers is inferior because of excessive rains. Corn production is expected to be higher than in the previous year, but excessive rains in parts of Andhra Pradesh, one of the leading cultivating states, have raised concerns about the quality of the crop. Most of the new season supply is going to the starch and poultry sector as the quality is not fit for exports. Also, overseas buyers want Indian corn at very low prices, which is not affordable for us. Around 48 percent of the demand for maize is projected to come from poultry feed, while human consumption and the processing sector account for the rest. 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. China, the world's second largest corn consumer, expects corn output in 2013/14 to rise 5.9 percent on year to a record 217.7 million tonnes, surpassing consumption, seen at 197 million. Technically market is under fresh selling as market has witnessed gain in open interest by 0.36% to settled at 11100 while prices down -3 rupee, now Maize is getting support at 1212 and below same could see a test of 1210 level, And resistance is now likely to be seen at 1217, a move above could see prices testing 1220.

Trading Ideas:

Maize trading range for the day is 1211-1221.

Maize settled down due to supplies from the new season crop, prospects of higher production and sluggish demand from overseas buyers.

Daily arrivals from the new harvest are higher while the quality of the supplies from some centers is inferior because of excessive rains

NCDEX accredited warehouses mustard seed stocks dropped by 121 tonnes to 4674 tonnes.

Technically market is under fresh selling as market has witnessed gain in open interest by 0.36% to settled at 11100