Maize settled up 0.49% at 1235 tracking firmness in spot demand amid short covering though upside was limited on subdued demand from overseas buyers as it is quoted at a premium over competitors in the international market amid prospects of better crop. Sources estimate corn output to be slightly higher at 22.5 million tonnes in 2013/14, compared with 22.23 million tonnes a year earlier. India's corn exports are expected to drop to around 3 million tonnes in 2013/14 as buyers opt for cheaper supplies from South America. The rejected U.S. corn from Chinese ports is getting diverted to Vietnam and Indonesia, killing demand from India. U.S. corn exports to China slowed as Beijing continued to reject cargoes containing an unapproved genetically modified strain. Daily arrivals in the local market from the new harvest are higher, while the quality of supplies from some centres is inferior because of excessive rains. Technically market is under fresh buying as market has witnessed gain in open interest by 5.42% to settled at 12440 while prices up 6 rupee, now Maize is getting support at 1226 and below same could see a test of 1218 level, And resistance is now likely to be seen at 1244, a move above could see prices testing 1254.

Trading Ideas:

Maize trading range for the day is 1218-1254.

Maize prices continued its positive trend to end with gains tracking firmness in spot demand amid short covering.

Sources estimate corn output to be slightly higher at 22.5 million tonnes in 2013/14, compared with 22.23 million tonnes.

NCDEX accredited warehouses maize stocks gained by 1627 tonnes to 9792 tonnes.

Technically market is under fresh buying as market has witnessed gain in open interest by 5.42% to settled at 12440