Maize prices settled flat as pressure seen from ample global supplies. In India, maize has been sown in around 13.95 lakh hectares which is higher than 12.87 lakh hectare covered during corresponding period last year. Total maize crop area could be around 15 lakh hectares for the Rabi season during 2016/17. Due to cash crunch in the market, farmers are bringing less stock in the market as traders are not able to pay the farmers. Traders are hoping for the situation to be under control soon but currently, market trades are badly affected. The area under the rabi maize crop across the country was at 1.01 mln ha up 6.4% from a year ago, according to data released by the farm ministry. A year ago, farmers had sown maize across 953,600 ha. The acreage this year is also sharply higher than the normal acreage of 693,900 ha for this period, based on the average of the last five years, the data showed. In Bihar, India's largest producer of rabi maize, the acreage was at 222,000 ha, down 3.5% from a year ago, according to the data. At Ahmedabad market in Gujarat, estimated market supply was at 5000 bags, up by 1000 bags from previous trading day. At Khanna market in Punjab, estimated market supply was at 2250 Quintal, down by 750 Quintal as compared to previous day. Technically market is under long liquidation as market has witnessed drop in open interest by -0.21% to settled at 14390, now Maize is getting support at 1434 and below same could see a test of 1432 level, And resistance is now likely to be seen at 1439, a move above could see prices testing 1442.

Trading Ideas:

Maize trading range for the day is 1432-1442.

Maize prices settled flat as pressure seen from ample global supplies.

Total maize crop area could be around 15 lakh hectares for the Rabi season during 2016/17.

The area under the rabi maize crop across the country was at 1.01 mln ha up 6.4% from a year ago.

In Nizamabad maize spot prices remains unchanged at0 rupees to 1469.45 rupees per 100kgs.