Maize settled down -1.15% at 1200 on sluggish demand against sufficient stocks position. Overseas demand has been slow for Indian origin corn as India is offering corn at around $ 217-220 per tonnes as compared to $ 190 and $ 200 offered by Brazil and Argentina, respectively. Crop is higher this season but demand from overseas buyers is very weak because of higher prices and quality issues. Daily arrivals in the local market from the new harvest are higher, while the quality of the supplies from some centres is inferior because of excessive rains. Corn production is expected to be higher than in the previous year, but excessive rains in parts of Andhra Pradesh, one of the leading cultivating states, have raised concerns about the quality of the crop. Around 48 percent of the demand for maize is projected to come from poultry feed, while human consumption and the processing sector account for the rest. Corn is cultivated during both summer and winter in India, Asia's largest exporter of the grain, but most of the output comes from the summer crop. The overall quality of the 2013 U. S. corn crop was high although adverse weather during the growing season reduced the number of planted acres and trimmed yields in the world's top producer of the grain, the U. S. Grains Council said in its annual Corn Harvest Quality Report. Technically market is under long liquidation as market has witnessed drop in open interest by -1.2% to settled at 27210 while prices down -14 rupee, now Maize is getting support at 1193 and below same could see a test of 1187 level, And resistance is now likely to be seen at 1212, a move above could see prices testing 1225.

Trading Ideas:

Maize trading range for the day is 1187-1225.

Maize ended with losses on sluggish demand against sufficient stocks position.

Crop is higher this season but demand from overseas buyers is very weak because of higher prices and quality issues.

NCDEX accredited warehouses maize stocks dropped by 173 tonnes to 6531 tonnes.

Technically market is under long liquidation as market has witnessed drop in open interest by -1.2% to settled at 27210