Maize settled down -0.74% at 1212 on pressure from expectations of large global supplies. The delayed monsoon this year is likely to hit the sowing of maize, an important kharif crop, across India. 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. Poor rains since the start of the June-September season had raised concerns of a first drought in five years.

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. In Gujarat sources reported arrivals at 2000 bags, unchanged as compared to previous day’s arrival. In Punjab arrivals were reported at 1950 Quintal, down by 300 Quintal from previous day’s arrivals. In Delhi arrivals were reported at 800 quintals, unchanged as compared to previous day’s arrival.

In Karnataka sources reported arrivals at 500 Bags, unchanged as compared to previous day’s arrival. In Maize arrivals were reported at 5000 Quintal, up by 5000 Quintal from previous trading day. Technically market is under long liquidation as market has witnessed drop in open interest by -0.21% to settled at 38390 while prices down -9 rupee, now Maize is getting support at 1191 and below same could see a test of 1171 level, And resistance is now likely to be seen at 1226, a move above could see prices testing 1241.

Trading Ideas:

Maize trading range for the day is 1171-1241.

Maize prices dropped on pressure from expectations of large global supplies.

The delayed monsoon this year is likely to hit the sowing of maize, an important kharif crop, across India.

Poor rains since the start of the June-September season had raised concerns of a first drought in five years.

NCDEX accredited warehouses maize stocks gained by 350 tonnes to 24636 tonnes.