Maize settled down -0.25% at 1212 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 -0.21% to
settled at 13980 while prices down -3 rupee, now Maize is getting
support at 1208 and below same could see a test of 1205 level, And
resistance is now likely to be seen at 1215, a move above could see
prices testing 1219.

Trading Ideas:

Maize trading range for the day is 1205-1219.

Maize ended with losses 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.

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

Technically market is under long liquidation as market has witnessed drop in open interest by -0.21% to settled at 1398