Maize settled down -0.89% at 1225 on subdued demand from overseas buyers as it is quoted at a premium over competitors in the international market amid prospects of better crop. Sources estimate corn output to be slightly higher at 22.5 million tonnes in 2013/14, compared with 22.23 million tonnes a year earlier. India's corn exports are expected to drop to around 3 million tonnes in 2013/14 as buyers opt for cheaper supplies from South America. The rejected U. S. corn from Chinese ports is getting diverted to Vietnam and Indonesia, killing demand from India. U. S. corn exports to China slowed as Beijing continued to reject cargoes containing an unapproved genetically modified strain. Daily arrivals in the local market from the new harvest are higher, while the quality of supplies from some centres is inferior because of excessive rains. 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 16.96% to settled at 14550 while prices down -11 rupee, now Maize is getting support at 1215 and below same could see a test of 1205 level, And resistance is now likely to be seen at 1242, a move above could see prices testing 1259.

Trading Ideas:

Maize trading range for the day is 1207-1261.

Maize dropped on subdued demand from overseas buyers as it is quoted at a premium over competitors in the international market

The rejected U. S. corn from Chinese ports is getting diverted to Vietnam and Indonesia, killing demand from India.

NCDEX accredited warehouses maize stocks gained by 761 tonnes to 10553 tonnes.

Technically market is under fresh selling as market has witnessed gain in open interest by 16.96% to settled at 14550