Maize settled up 0.41% at 1219 on some short covering after prices dropped due to strong sowing progress of rabi crop in the current year along with receding export demand in local mandies. Also, weighing on sentiments is weak export demand as buyers opt for cheaper supplies from South America. 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. 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. Overseas demand has been slow for Indian origin corn as India is offering corn at around $ 217-220 per tonnes as compared to $ 190 and $ 200 offered by Brazil and Argentina, respectively. Crop is higher this season but demand from overseas buyers is very weak because of higher prices and quality issues. Technically market is under fresh buying as market has witnessed gain in open interest by 7.09% to settled at 17830 while prices up 5 rupee, now Maize is getting support at 1215 and below same could see a test of 1212 level, And resistance is now likely to be seen at 1223, a move above could see prices testing 1228.

Trading Ideas:

Maize trading range for the day is 1211-1227.

Maize ended with gains on some short covering after prices dropped due to strong sowing progress of rabi crop in the current year.

Also, weighing on sentiments is weak export demand as buyers opt for cheaper supplies from South America.

NCDEX accredited warehouses maize stocks gained by 358 tonnes to 11188 tonnes.

Technically market is under fresh buying as market has witnessed gain in open interest by 7.09% to settled at 17830