Maize settled down -0.74% at 1202 due to recovery in sowing of new kharif crop coupled with heavy stockiest selling in local mandies. The market sources suggested that heavy rainfall in northern and central parts of India has augmented the sowing pace of maize crop. The harvesting of new maize crop will start from September- October month. The prices were also discouraged by higher stocks in local mandies as traders have reported total stocks of 15 lakh tonnes of maize against 10-12 lakh tonnes of the previous year in the same period. In Karnataka sources reported arrivals at 1500 Bags, up by 500 Bags as compared to previous day. In Punjab Estimated market supply was at 3750 Quintal, up by 750 Quintal from previous day’s arrivals. In Delhi arrivals were reported at 800 quintals, steady as against previous day’s arrival. In Bihar sources reported arrivals at 50000 Quintal, up by 30000 Quintal from previous day’s arrivals. Moreover, forecasting of weak monsoon rainfall has also supported the prices in local mandies. The market sources suggested that weak rainfall will limit the sowing of maize in northern part of the country. The delayed monsoon this year is likely to hit the sowing of maize, an important kharif crop, across India. Technically market is under fresh selling as market has witnessed gain in open interest by 0.05% to settled at 37980 while prices down -9 rupee, now Maize is getting support at 1194 and below same could see a test of 1186 level, And resistance is now likely to be seen at 1213, a move above could see prices testing 1224.

Trading Ideas:

Maize trading range for the day is 1186-1224.

Maize prices dropped due to recovery in sowing of new kharif crop coupled with heavy stockiest selling in local mandies.

The market sources suggested that heavy rainfall in northern and central parts of India has augmented the sowing pace of maize crop.

The harvesting of new maize crop will start from September- October month.

Technically market is under fresh selling as market has witnessed gain in open interest by 0.66% to settled at 38210