Maize settled down -1.71% at 1150 on expectations that the recent spell of showers would help boost the acreage. At New Delhi market total arrivals are at 800 quintals, steady as against previous day's arrival. At Naugachia market in Bihar arrivals were reported at 10000 Quintal, lower by 20000 Quintal as compared to previous day. 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. 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 2013-14, India recorded an all-time high kharif maize production of 17.51 million tonnes (mt), according to the third advanced estimate. Production is expected to be better this season, though arrivals might be delayed. 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. Technically market is under long liquidation as market has witnessed drop in open interest by -8.1% to settled at 29490 while prices down -20 rupee, now Maize is getting support at 1139 and below same could see a test of 1127 level, And resistance is now likely to be seen at 1165, a move above could see prices testing 1179.

Trading Ideas:

Maize trading range for the day is 1127-1179.

Maize ended with losses on expectations that the recent spell of showers would help boost the acreage.

The prices were also discouraged by higher stocks in local mandies as traders have reported total stocks of 15 lakh tonnes.

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

This year, maize sowing has been delayed due to the late arrival of the monsoon.