Maize settled flat on subdued overseas demand as Indian corn is quoted at a premium over competitors, while fresh arrivals from the new season crop and prospects of higher production also seen weighing on sentiment. 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. Daily arrivals in the local market from the new harvest are higher, while the quality of the supplies from some centres 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. 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. Technically market is under long liquidation as market has witnessed drop in open interest by -0.05% to settled at 19010 while prices remain unchange0 rupee, now Maize is getting support at 1217 and below same could see a test of 1214 level, And resistance is now likely to be seen at 1223, a move above could see prices testing 1226.

Trading Ideas:

Maize trading range for the day is 1215-1227.

Maize settled flat on subdued overseas demand as Indian corn is quoted at a premium over competitors.

Crop is higher this season but demand from overseas buyers is very weak because of higher prices and quality issues.

Daily arrivals in the local market from the new harvest are higher, while the quality of the supplies from some centres is inferior.

Technically market is under long liquidation as market has witnessed drop in open interest by -0.05% to settled at 19010