Maize settled down -2.01% at 1169 on expectations higher global supplies after the US Department of Agriculture raised estimates of US output and stockpiles. United States corn production will total 13.935 billion bushels in 2014-15, up from 13.925 billion bushels in 2013-14 and compared to forecast of 13.73 billion bushels, the USDA said in its World's Agriculture Supply and Demand Estimates (WASDE) report. Corn stockpiles in United States will swell to 1.726 billion bushels in 2014-15 compared to 1.14 billion bushes a year ago. 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 12.12% to settled at 27670 while prices down -24 rupee, now Maize is getting support at 1159 and below same could see a test of 1149 level, And resistance is now likely to be seen at 1185, a move above could see prices testing 1201.

Trading Ideas:

Maize trading range for the day is 1149-1201.

Maize prices dropped on expectations higher global supplies after the US Department of Agriculture raised estimates of US output and stockpiles.

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

NCDEX accredited warehouses maize stocks gained by 497 tonnes to 16396 tonnes.

Technically market is under fresh selling as market has witnessed gain in open interest by 12.12% to settled at 27670