Maize settled down -0.5% at 1187 tracking weakness in spot demand amid profit booking. In Gujarat arrivals were reported at 2000 bags, down by 3000 bags from previous trading day. In Delhi arrivals were reported at 700 quintals, unchanged as compared to previous day’s arrival. In Punjab estimated market supply was at 2250 Quintal, down by 750 Quintal as against previous day. In Karnataka sources reported arrivals at 500 Bags, lower by 1500 Bags from previous day’s arrivals. In Bihar total arrivals are at 3333 Quintal, steady as against previous day’s arrival. 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 favourable crop conditions in major producing states. The 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. According to the latest data, acreage under the coarse cereals stood at 60.94 lakh hectares compared with 61.92 lakh hectares as on the date last year. Technically market is under fresh selling as market has witnessed gain in open interest by 1.29% to settled at 37700 while prices down -6 rupee, now Maize is getting support at 1182 and below same could see a test of 1177 level, And resistance is now likely to be seen at 1196, a move above could see prices testing 1205.

Trading Ideas:

Maize trading range for the day is 1177-1205.

Maize prices ended with losses tracking weakness in spot demand amid profit booking.

India maize sowing until Jul 4 at 1.71 mln hectare vs 3.65 mln hectare yr ago

In Gujarat arrivals were reported at 2000 bags, down by 3000 bags from previous trading day.

NCDEX accredited warehouses maize stocks gained by 1606 tonnes to 21860 tonnes.