Maize settled down -0.66% at 1201 as 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. 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 favorable crop conditions in major producing states. In Karnataka arrivals were reported at 1000 Bags, lower by 1000 Bags as compared to previous day. In Delhi arrivals were reported at 500 quintals, lower by 100 quintals from previous trading day. In Bihar arrivals were reported at 10000 Quintal, unchanged as compared to previous day’s arrival. In Punjab sources reported arrivals at 3000 Quintal, higher by 750 Quintal from previous trading day. Prices of Corn in international are also under pressure after USDA forecast corn planted acreage at 91.64 million, little change from its March report. However, the agency also reported June 1 stocks at 3.85 billion bushels, almost 200 million more than Farm Futures estimate, which was in line with average trade guesses. USDA’s crop progress report projected a 169-bushel average yield and production could surpass 14 billion bushels, putting further pressure on corn prices. Technically market is under fresh selling as market has witnessed gain in open interest by 1.58% to settled at 37190 while prices down -8 rupee, now Maize is getting support at 1187 and below same could see a test of 1172 level, And resistance is now likely to be seen at 1214, a move above could see prices testing 1226.

Maize trading range for the day is 1170-1224.

Maize dropped as 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.

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

USDA’s crop progress report projected a 169-bushel average yield and production could surpass 14 billion bushels, putting pressure on prices.

SELL MAIZERABI AUG @ 1198 SL 1205 TGT 1185-1175.NCDEX