Maize settled down -0.08% at 1214 tracking weakness in spot demand on higher production estimates. Good kharif supplies are ensuring that the prices don't spurt much and there are worries over export demand too. Not much of an activity is seen in local markets as the peak procurement season is still a few months away. According to the latest data, acreage under the coarse cereals stood at 60.94 lakh hectares compared with 61.92 lakh hectares as on the date last year. This is showing a drop of around 1.60% on the year but is also indicating that some pick up is emerging in the sowing activity off late. Maize production in India this year is likely to touch record 25 million tonnes as adequate monsoon rains trigger higher acreage across growing states. As per the second advance estimates of Indian government, the total maize production in 2013-14 is estimated at 23.29 million tonnes against 22.26 million tonnes due to higher sowing acreage coupled with favouable crop conditions in major producing states. Therefore, higher product will limit the stockiest buying at current levels. Technically market is under fresh selling as market has witnessed gain in open interest by 0.92% to settled at 14210 while prices down -1 rupee, now Maize is getting support at 1210 and below same could see a test of 1207 level, And resistance is now likely to be seen at
1217, a move above could see prices testing 1221.

Trading Ideas:

Maize trading range for the day is 1207-1221.

Maize ended with losses tracking weakness in spot demand on higher production estimates.

Good kharif supplies are ensuring that the prices don't spurt much and there are worries over export demand too

Maize production in India this year is likely to touch record 25 million tonnes as adequate monsoon rains trigger higher acreage.

Technically market is under long liquidation as market has witnessed drop in open interest by -2.85% to settled at 58980