Maize settled down -0.74% at 1202 due to strong sowing progress of rabi crop in the current year along with receding export demand in local mandies. Supplies from the new season harvest are rising in the local market and are seen keeping prices under pressure. Farmers are increasing supplies into local markets. Export demand is less but consumption by the local poultry sector is good. 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. Technically market is under fresh selling as market has witnessed gain in open interest by 0.64% to settled at 22000 while prices down -9 rupee, now Maize is getting support at 1187 and below same could see a test of 1171 level, And resistance is now likely to be seen at 1215, a move above could see prices testing 1227.

Trading Ideas:

Maize trading range for the day is 1171-1227.

Maize dropped due to strong sowing progress of rabi crop in the current year along with receding export demand in local mandies

Supplies from the new season harvest are rising in the local market and are seen keeping prices under pressure.

NCDEX accredited warehouses maize stocks gained by 102 tonnes to 14022 tonnes.

Technically market is under fresh selling as market has witnessed gain in open interest by 0.64% to settled at 22000