Maize settled up 1.57% at 1102 due to bargain buying by feed millers along with strong buying exports.  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. El Nino impact would pare expectations of higher maize production in the country. According to trade sources, El Nino impact would support prices from the present levels thereby affecting exports. 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. The second advance estimates of government show maize production to be at 23.29 million tonnes against 22.50 million tonnes last year. In Karnataka arrivals were reported at 1000 Bags, lower by 500 Bags as compared to previous day. In Bihar estimated market supply was at 8333 Quintal, up by 3333 Quintal from previous trading day. In Punjab traders reported arrivals at 1050 Quintal, down by 450 Quintal from previous trading day. India's total maize production is reported to be higher in the near term. According to second advance estimates of government, maize production is expected at 23.29 million tonnes against 22.50 million tonnes last year. Technically market is under short covering as market has witnessed drop in open interest by -2.62% to settled at 37110 while prices up 17 rupee, now Maize is getting support at 1087 and below same could see a test of 1072 level, And resistance is now likely to be seen at 1113, a move above could see prices testing 1124.

Trading Ideas:

Maize trading range for the day is 1072-1124.

Maize ended with gains due to bargain buying by feed millers along with strong buying exports.

El Nino impact would pare expectations of higher maize production in the country.

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

NCDEX accredited warehouses maize stocks gained by 6 tonnes to 19334 tonnes.