Maize settled up 0.17% at 1189 on fresh buying support after prices dropped following a drop in global prices. Slackness in demand and increased supply from growing regions in physical markets also influenced trading sentiments. In Bihar sources reported arrivals at 4167 Quintal, higher by 834 Quintal as against previous day. In Delhi total arrivals are at 1000 quintals, steady as against previous day’s arrival. In Punjab arrivals were reported at 3000 Quintal, steady as against previous day’s arrival.

The USDA is expected to report that U. S. corn export sales last week totalled between 600,000 and 1.05 million tonnes. 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 favouable crop conditions in major producing states.

Therefore, higher product will limit the stockiest buying at current levels. 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. Technically market is under fresh buying as market has witnessed gain in open interest by 3.11% to settled at 40830 while prices up 2 rupee, now Maize is getting support at 1180 and below same could see a test of 1172 level, And resistance is now likely to be seen at 1194, a move above could see prices testing 1200.

Trading Ideas:

Maize trading range for the day is 1172-1200.

Maize settled up on fresh buying support after prices dropped following a drop in global prices.

Slackness in demand and increased supply from growing regions in physical markets also influenced trading sentiments.

In Bihar sources reported arrivals at 4167 Quintal, higher by 834 Quintal as against previous day.

NCDEX accredited warehouses maize stocks gained by 52 tonnes to 22255 tonnes.