Maize settled down -1.06% at 1218 tracking weakness in spot demand and overseas prices after a U.S. Department of Agriculture report showed better-than-expected crop conditions. Conditions ratings for the U.S. corn crop unexpectedly improved while soybean ratings held steady, with both crops off to their best start since 1994, the USDA said in a weekly report. In Delhi estimated market supply was at 800 quintals, steady as against previous day’s arrival. In Punjab sources reported arrivals at 3000 Quintal, steady as against previous day’s arrival. The delayed monsoon this year is likely to hit the sowing of maize, an important kharif crop, across India. Maize is primarily grown in Andhra Pradesh, Karnataka and Maharashtra during the kharif season and in Bihar during the rabi season. 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 long liquidation as market has witnessed drop in open interest by -2.5% to settled at 39750 while prices down -11 rupee, now Maize is getting support at 1210 and below same could see a test of 1200 level, And resistance is now likely to be seen at 1239, a move above could see prices testing 1258.

Trading Ideas:

Maize trading range for the day is 1191-1261.

Maize dropped tracking weakness in spot demand and overseas prices after a USDA report showed better-than-expected crop conditions.

India Maize sowing until Jul 11 at 2.11 million hectare vs 5.61 million hectare on year

In Delhi estimated market supply was at 800 quintals, steady as against previous day’s arrival.

NCDEX accredited warehouses maize stocks gained by 513 tonnes to 23295 tonnes.