Maize settled down -0.43% at 1149 tracking weakness in spot demand and overseas prices as a closely watched crop tour reported near record yields in key producing states. At Ludhiana market total market arrivals are at 600 Quintal, steady as against previous day's arrival. At New Delhi market estimated market supply was at 600 quintals, higher by 100 quintals as compared to previous day. At Davanagere market total arrivals are at 1000 Bags, higher by 500 Bags from previous trading day. At Ahmedabad market in Gujarat arrivals were reported at 6000 bags, steady as against previous day's arrival. 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. 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. Technically market is under long liquidation as market has witnessed drop in open interest by -1.1% to settled at 23370 while prices down -5 rupee, now Maize is getting support at 1143 and below same could see a test of 1137 level, And resistance is now likely to be seen at 1155, a move above could see prices testing
1161.

Trading Ideas:

Maize trading range for the day is 1137-1161.

Maize prices dropped tracking weakness in spot demand and overseas prices as a closely watched crop tour reported near record yields.

Acreage of maize in India, which is close to 7 million hectare, is projected to remain stagnant this year also

At New Delhi market estimated market supply was at 600 quintals, higher by 100 quintals as compared to previous day.

In Nizamabad market, maize prices dropped -4 rupee to end at 1356.5 rupees per 10 kg.