Maize settled down -0.41% at 1205 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. As per the latest release from Ministry of Agriculture, the total sowing acreage of rabi maize reported at 11.46 lakh hectares up 13% from the last year in the same period. This was mainly due to higher sowing in Karnataka in the current year. Traders are expecting around 46 lakh tonnes of total rabi production in the current year. Technically market is under fresh selling as market has witnessed gain in open interest by 1.26% to settled at 12070 while prices down -5 rupee, now Maize is getting support at 1202 and below same could see a test of 1198 level, And resistance is now likely to be seen at 1210, a move above could see prices testing 1214.

Trading Ideas:

Maize trading range for the day is 1199-1215.

Maize ended with losses 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

NCDEX accredited warehouses maize stocks gained by 133 tonnes to 14490 tonnes.

The total sowing acreage of rabi maize reported at 11.46 lakh hectares up 13% from the last year in the same period.