Maize settled down -0.88% at 1132 tracking weakness in spot demand and overseas prices on news of improving crop conditions in the United States.  Pressure also seen under pressure as overseas buyers are seen shifting to the cheaper origins in South America and the US. Also, the anticipated decline in kharif production on drop in acreage could result in lower availability for shipments. At New Delhi market total arrivals are at 600 quintals, steady as against previous day’s arrival. At Naugachia market in Bihar estimated market supply was at 5000 Quintal, higher by 833 Quintal from previous trading day. At Davanagere total arrivals are at 1000 Bags, unchanged as compared to previous day’s arrival. This year, maize sowing has been delayed due to the late arrival of the monsoon. But, it has picked up pace and it is expected that this season, the area under the crop will stand at about seven million hectares. In 2013-14, India recorded an all-time high kharif maize production of 17.51 million tonnes (mt), according to the third advanced estimate. Punjab Chief Minister urge the Centre to add maize to the crop procurement list of NAFED, so that the cooperative can procure maize from the state. The U.S. Department of Agriculture bumped up its corn rating, as rains helped crop health in key production states. In Nizamabad maize prices gained 0.5 rupee to end at 1342.5 rupees per 10 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 2.42% to settled at 29590 while prices down -10 rupee, now Maize is getting support at 1122 and below same could see a test of 1113 level, And resistance is now likely to be seen at 1140, a move above could see prices testing 1149.

Trading Ideas:

Maize trading range for the day is 1113-1149.

Maize prices ended with losses tracking weakness in spot demand and overseas prices on news of improving crop conditions in the United States.

At Naugachia market in Bihar estimated market supply was at 5000 Quintal, higher by 833 Quintal from previous trading day.

The US Department of Agriculture predicted the country’s maize supplies would reach a record 15 243 million bushels (387 million tons) in the 2014/15 seasons.

In Nizamabad market, maize prices dropped -2 rupee to end at 1342 rupees per 10 kg.