Maize settled down -0.83% at 1192 due to recovery in sowing of new kharif crop coupled with heavy stockiest selling in local mandies. The market sources suggested that heavy rainfall in northern and central parts of India has augmented the sowing pace of maize crop. The harvesting of new maize crop will start from September- October month. At Davanagere market estimated market supply was at 1000 Bags, lower by 500 Bags as against previous day. In Bihar estimated market supply was at 5000 Quintal, steady as against previous day’s arrival. In Punjab total market arrivals are at 1000 Quintal, unchanged as compared to previous day’s arrival. In Delhi total arrivals are at 800 quintals, steady as against previous day’s arrival. In local mandies sources reported total stocks of 15 lakh tonnes of maize against 10-12 lakh tonnes of the previous year in the same period. The U.S. Department of Agriculture rated 76 percent of the U.S. corn crop in good to excellent condition, the highest for this time of year in a decade. Some analysts are projecting a national corn yield of 170 bushels per acre, above the USDA's current forecast for a record high 165.3. Moreover, forecasting of weak monsoon rainfall has also supported the prices in local mandies. The market sources suggested that weak rainfall will limit the sowing of maize in northern part of the country. The delayed monsoon this year is likely to hit the sowing of maize, an important kharif crop, across India. Technically market is under long liquidation as market has witnessed drop in open interest by -1.26% to settled at 37500 while prices down -10 rupee, now Maize is getting support at 1187 and below same could see a test of 1181 level, And resistance is now likely to be seen at 1202, a move above could see prices testing 1211.

Trading Ideas:

Maize trading range for the day is 1181-1211.

Maize prices ended with losses due to recovery in sowing of new kharif crop coupled with heavy stockiest selling in local mandies.

The market sources suggested that heavy rainfall in northern and central parts of India has augmented the sowing pace of maize crop.

In local mandies sources reported total stocks of 15 lakh tonnes of maize against 10-12 lakh tonnes of the previous year in the same period.

NCDEX accredited warehouses maize stocks gained by 83 tonnes to 26064 tonnes.