Maize settled up 3.96% at 1102 as investors covered short position at lower levels after the prices drop to record. In mandi estimated market supply was at 1000 Bags, lower by 500 Bags as against previous day. However, international corn prices traded lower on reports of higher United States planting indicating expectations of record crop from the world's biggest maize producer. United States corn production will total 13.935 billion bushels in 2014-15, up from 13.925 billion bushels in 2013-14 and compared to forecast of 13.73 billion bushels, the USDA said in its WASDE report. Corn stockpiles in United States will swell to 1.726 billion bushels in 2014-15 compared to 1.14 billion bushes a year ago. In Delhi estimated market supply was at 800 quintals, steady as against previous day’s arrival. India total maize production in 2013-14 is estimated at 23.29 million tons against 22.26 million tons due to higher sowing acreage coupled with favourable crop conditions in major producing states, the second advance estimates of Indian government showed. Maize exports from India are likely to remain lower this marketing year owing to higher prices due to a possible El Nino impact in the upcoming kharif season. Maize exports during October 2013 to April 2014 stood at 2.17 million tonne almost 1 million tonne lower than the corresponding period last year. For the marketing year October-September 2013-14, maize exports are expected to fall 26 per cent against 4.76 million tonne last year. Technically market is under short covering as market has witnessed drop in open interest by -1.19% to settled at 37230 while prices up 42 rupee, now Maize is getting support at 1074 and below same could see a test of 1045 level, And resistance is now likely to be seen at 1117, a move above could see prices testing 1131.

Trading Ideas:

Maize trading range for the day is 1045-1131.

Maize ended with gains as investors covered short position at lower levels after the prices drop to record.

Maize exports during October 2013 to April 2014 stood at 2.17 million tonne almost 1 million tonne lower than the corresponding period last year.

In Delhi estimated market supply was at 800 quintals, steady as against previous day’s arrival.

NCDEX accredited warehouses maize stocks dropped by 1338 tonnes to 17805 tonnes.