Maize settled up 2.24% at 1231 on strong export demand at lower levels. In Karnataka arrivals were reported at 1000 Bags, unchanged as compared to previous day’s arrival. In Delhi estimated market supply was at 800 quintals, steady as against previous day’s arrival. In Bihar sources reported arrivals at 5000 Quintal, steady as against previous day’s arrival. In Punjab total arrivals are at 3000 Quintal, steady as against previous day’s arrival. Maize MSP stands at Rs 1,310 per quintal for this year.

FCI, which normally procures wheat and rice in big way, has purchased about 12.15 lakh tonnes of maize from five states so far in the ongoing 2013-14 season, as per the official data. Last year, FCI's total maize buy was only 2,243 tonnes. Bihar with an annual production of around 27-28 lakh tonnes is the second biggest maize producer in the country. It has 6.85 lakh hectares under this crop. 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.

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. Technically market is under short covering as market has witnessed drop in open interest by -3.41% to settled at 40770 while prices up 27 rupee, now Maize is getting support at 1212 and below same could see a test of 1194 level, And resistance is now likely to be seen at 1243, a move above could see prices testing 1256.

Trading Ideas:

Maize trading range for the day is 1194-1256.

Maize prices ended with gains on strong export demand at lower levels.

India total maize production in 2013-14 is estimated at 23.29 million tons against 22.26 million tons due to higher sowing acreage.

In Karnataka arrivals were reported at 1000 Bags, unchanged as compared to previous day’s arrival.

NCDEX accredited warehouses maize stocks gained by 138 tonnes to 22782 tonnes.