Maize settled down -2.21% at 1104 tracking weakness in spot demand and overseas prices after a U.S. government report showed further improvement in crop conditions. At Ludhiana sources reported arrivals at 500 Quintal, higher by 500 Quintal as compared to previous day. At New Delhi arrivals were reported at 600 quintals, unchanged as compared to previous day’s arrival. At Ahmedabad market in Gujarat total arrivals are at 2000 bags, down by 5000 bags from previous day’s arrivals. At Davanagere market estimated market supply was at 1000 Bags, unchanged as compared to previous day’s arrival. U.S. corn was rated 74 percent good-to-excellent, up from 73 percent a week ago and 56 percent at this time of last year, according to the U.S. Department of Agriculture. U.S. corn output is set to total a record 14.032 billion bushels this year, the USDA said. 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. 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 Nizamabad maize prices dropped -4.5 rupee to end at 1338 rupees per 10 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 4.98% to settled at 32270 while prices down -25 rupee, now Maize is getting support at 1095 and below same could see a test of 1085 level, And resistance is now likely to be seen at 1123, a move above could see prices testing 1141.

Trading Ideas:

Maize trading range for the day is 1085-1141.

Maize prices ended with losses tracking weakness in spot demand and overseas prices

U.S. corn was rated 74 percent good-to-excellent, up from 73 percent a week ago and 56 percent at this time of last year, according to USDA.

U.S. corn output is set to total a record 14.032 billion bushels this year, the USDA said.

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