Maize settled up on the heels of strong export demand coupled with possibility of delay in new kharif crop sowing. 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. Traders have reported total stocks of 15 lakh tonnes of maize against 10-12 lakh tonnes of the previous year in the same period. In Delhi total arrivals are at 800 quintals, steady as against previous day's arrival. In Bihar arrivals are at 20000 Quintal, lower by 25000 Quintal from previous day's arrivals. 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 short covering as market has witnessed drop in open interest by -6.69% to settled at 34990 while prices up 1 rupee, now Maize is getting support at 1170 and below same could see a test of 1148 level, And resistance is now likely to be seen at 1208, a move above could see prices testing 1224.

Trading Ideas:

Maize trading range for the day is 1148-1224.

Maize gained on the heels of strong export demand coupled with possibility of delay in new kharif crop sowing.

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

Traders have reported total stocks of 15 lakh tonnes of maize against 10-12 lakh tonnes of the previous year in the same period.

Technically market is under short covering as market has witnessed drop in open interest by -6.69% to settled at 34990.