Maize settled down -0.58% at 1193 on higher supplies of the crop in the domestic market after prices seen supported on speculation of lower production from United States. However, upside was limited on good availability of crop in the domestic market and forecast of higher domestic production. Maize production in India this year is likely to touch record 25 million tonnes as adequate monsoon rains trigger higher acreage across growing states. India total maize production in 2013-14 is estimated at 23.29 million tons against 22.26 million tons due to higher sowing acreage coupled with favourable crop conditions in major producing states, the second advance estimates of Indian government showed. International corn prices traded higher on speculation that the US Department of Agriculture (USDA) may trim United States crop production estimates. The USDA may trim United States 2014-15 corn output to 13.736 billion bushels, from the prior year's record of 13.925 billion bushels, various surveys showed. Corn planting acreages in United States is estimated at 91.691 million from 95.365 million in 2013, according to the USDA prospective planting data. Not much of an activity is seen in local markets as the peak procurement season is still a few months away. Technically market is under fresh selling as market has witnessed gain in open interest by 6.66% to settled at 24680 while prices down -7 rupee, now Maize is getting support at 1182 and below same could see a test of 1171 level, And resistance is now likely to be seen at 1207, a move above could see prices testing 1221.

Trading Ideas:

Maize trading range for the day is 1171-1221.

Maize dropped on higher supplies of the crop in the domestic market after prices seen supported on speculation of lower production from US.

However upside was limited on good availability of crop in the domestic market and forecast of higher domestic production

Corn planting acreages in United States is estimated at 91.691 million from 95.365 million in 2013, according to the USDA.

Technically market is under fresh selling as market has witnessed gain in open interest by 6.66% to settled at 24680