Maize settled down -0.41% at 1214 due to strong sowing progress of rabi crop in the current year along with receding export demand in local mandies. As per the latest release from Ministry of Agriculture, the total sowing acreage of rabi maize reported at 11.46 lakh hectares as on 31st December 2013 , 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. The prices were also dampened by poor export demand in local mandies. Traders suggested that only 5-7 lakh tonnes of maize have been exported in the last three months. The market sources forecasted that Indian maize exports are likely to be around 25 lakh tonnes during the October 2013- September 14 , down 34% from the last year. 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. OTechnically market is under fresh selling as market has witnessed gain in open interest by 4.65% to settled at 12840 while prices down -5 rupee, now Maize is getting support at 1206 and below same could see a test of 1197 level, And resistance is now likely to be seen at 1223, a move above could see prices testing 1231.

Trading Ideas:

Maize trading range for the day is 1197-1231.

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

Maize sowing at 1.55 mln hect till Feb 7 vs 1.42 mln hect yr ago

NCDEX accredited warehouses maize stocks gained by 84 tonnes to 14574 tonnes.

Technically market is under fresh selling as market has witnessed gain in open interest by 4.65% to settled at 12840