Maize settled up 1.68% at 1149 on short covering tracking firmness in spot demand despite prices dropped in overseas as a closely watched crop tour reported near record yields in key U.S. grain producing states. At New Delhi market sources reported arrivals at 500 quintals, steady as against previous day’s arrival. At Naugachia market in Bihar total arrivals are at 6667 Quintal, up by 1667 Quintal as compared to previous day. At Ludhiana market total market arrivals are at 600 Quintal, higher by 600 Quintal as compared to previous day. 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. The USDA put the U.S. corn harvest at a record 14.032 billion bushels, but that was below consensus estimate of 14.253 billion. New-crop corn supplies will be a record 15.243 billion bushels, although the USDA trimmed 2013/14 ending stocks based on higher ethanol use and exports. New-crop corn supplies will be a record 15.243 billion bushels, although the USDA trimmed 2013/14 ending stocks based on higher ethanol use and exports. Technically market is under short covering as market has witnessed drop in open interest by -3.03% to settled at 23370 while prices up 19 rupee, now Maize is getting support at 1135 and below same could see a test of 1122 level, And resistance is now likely to be seen at 1155, a move above could see prices testing 1162.

Trading Ideas:

Maize trading range for the day is 1122-1162.

Maize settled up on short covering tracking firmness in spot demand despite prices dropped in overseas

In 2013-14, India recorded an all-time high kharif maize production of 17.51 million tonnes (mt).

At Naugachia market in Bihar total arrivals are at 6667 Quintal, up by 1667 Quintal as compared to previous day.

Technically market is under short covering as market has witnessed drop in open interest by -2.2% to settled at 23570