Maize settled down -0.16% at 1212 due to prospects of better crop and on higher supplies from the new harvest. 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. 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. 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. Technically market is under fresh selling as market has witnessed gain in open interest by 1.83% to settled at 14460 while prices down -2 rupee, now Maize is getting support at 1209 and below same could see a test of 1207 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 1208-1220.

Maize dropped due to prospects of better crop and on higher supplies from the new harvest.

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

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

Technically market is under fresh selling as market has witnessed gain in open interest by 1.83% to settled at 14460