Maize settled up 1.36% at 1118 on concerns over output of the rainfed crop amid forecast of patchy rainfall. Indian corn exports have picked up in the last few months as swelling supply crimps prices, but the rise will not be enough to stop overall shipments for 2013/14 dropping nearly a quarter after a poor start to the year. Corn shipments are likely to fall to 3.5-3.7 million tonnes in the year to September 2014 from 4.7 million tonnes last year. Exports between October and April totalled 2.1 million tonnes, about a million tonnes less than the same period in 2012/13. Indian prices have become more competitive as domestic supplies have swollen in the wake of the winter crop that was harvested in March. Exports could also take a hit in 2014/15 if an expected El Nino weather pattern leads to patchy monsoon rains, cutting output and pushing up local prices. 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. Technically market is under short covering as market has witnessed drop in open interest by -2.08% to settled at 32960 while prices up 15 rupee, now Maize is getting support at 1105 and below same could see a test of 1093 level, And resistance is now likely to be seen at 1126, a move above could see prices testing 1135.

Trading Ideas:

Maize trading range for the day is 1093-1135.

Maize prices ended with gains on concerns over output of the rainfed crop amid forecast of patchy rainfall.

India total maize production is estimated at 23.29 million tons against 22.26 million tons due to higher sowing acreage.

Exports between October and April totalled 2.1 million tonnes, about a million tonnes less than the same period in 2012/13.

NCDEX accredited warehouses maize stocks gained by 1121 tonnes to 19653 tonnes.