Maize settled up 0.91% at 1219 on buying support tracking firm demand after prices seen under pressure from overseas buyers as it is quoted at a premium over competitors in the international market amid prospects of better crop. India's outbound shipments of corn are expected to slide 31 per cent to 3.2 million tonnes in the 2013-14 marketing year hit by weak export demand, according to a report by the US Department of Agriculture (USDA). India is estimated to have shipped a record 4.67 million tonnes of corn (maize) in the 2012-13 marketing year (November-October). "Corn export is estimated lower at 3.2 million tonnes on weak export demand," the USDA said in the report. Provisional monthly trade estimates indicate a sharp decline in corn exports since August 2013 due to relatively weak global prices on improved supplies from other competing locations compared to last year, it said. 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. 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. Technically market is under fresh buying as market has witnessed gain in open interest by 0.99% to settled at 12220 while prices up 11 rupee, now Maize is getting support at 1208 and below same could see a test of 1198 level, And resistance is now likely to be seen at 1224, a move above could see prices testing 1230.

Trading Ideas:

Maize trading range for the day is 1198-1230.

Maize ended with gains on buying support tracking firm demand after prices seen under pressure in last some sessions.

India's outbound shipments of corn are expected to slide 31 per cent to 3.2 million tonnes in the 2013-14 marketing year hit by weak export demand.

Corn export is estimated lower at 3.2 million tonnes on weak export demand, the USDA said in the report.

Technically market is under fresh buying as market has witnessed gain in open interest by 0.99% to settled at 12220