Maize settled flat after reports showed robust crop planting in United States triggering expectations of higher output from the world's biggest corn grower. India maize exports have started picking up, as correction in global corn prices have made local maize competitive in the export market and higher domestic supplies. Maize exports during October 2013 to April 2014 stood at 2.17 million tons which is almost 1 million tons lower than the corresponding period last year. Despite picking up in last few months, maize exports are likely to be lower by around 26% this year. During current marketing year from Oct-Sep, maize exports are expected to be around 3.40-3.50 million tons against 4.76 million tons last year. Abundant domestic supplies due to higher production have kept the domestic prices in a narrow range. According to second advance estimates of government, maize production is expected at 23.29 million tonnes against 22.50 million tonnes last year. Corn sowing in United States has been delayed this spring due to unfavourable weather condition in Midwest region, but conditions have improved in May which has bolstered the prospects of robust sowing and production. Domestic corn prices declined 2% on Monday, its biggest fall in more than one-month after USDA crop progress report showed higher corn planting in United States. Technically market is under fresh selling as market has witnessed gain in open interest by 0.17% to settled at 28950, now Maize is getting support at 1162 and below same could see a test of 1158 level, And resistance is now likely to be seen at 1170, a move above could see prices testing 1174.

Trading Ideas:

Maize trading range for the day is 1158-1174.

Maize settled flat after reports showed robust crop planting in US triggering expectations of higher output from the world's biggest corn grower.

Technically market is under fresh selling as market has witnessed gain in open interest by 4.45% to settled at 28900

Maize exports during October 2013 to April 2014 stood at 2.17 million tons which is almost 1 million tons lower than the corresponding period last year.

Technically market is under fresh selling as market has witnessed gain in open interest by 0.17% to settled at 28950