Maize settled down -1.02% at 1258 on supplies from the new season harvest, expectations of higher production and on weak overseas demand. Reduced demand from the Asian feed millers in the first quarter of next year as delayed cargoes from Brazil are flooding the market, may impact corn prices in India. Supplies from the new season harvest are rising in the local market and are seen keeping prices under pressure. Overall corn production is expected to be higher than 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. 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. Export demand is less but consumption by the local poultry sector is good. Excessive rains in parts of Andhra Pradesh, one of the leading cultivating states, have raised concerns about the quality of the crop. According to data available from Ministry of Agriculture, area of maize has risen by 11% to 82.24-lakh hectare as against 74-lakh hectare in the corresponding period of last year, according to a leading domestic processor. Technically market is under fresh selling as market has witnessed gain in open interest by 8.12% to settled at 26510 while prices down -13 rupee, now Maize is getting support at 1251 and below same could see a test of 1243 level, And resistance is now likely to be seen at 1273, a move above could see prices testing 1287.

Trading Ideas:

Maize trading range for the day is 1244-1288.

Maize ended with losses on supplies from the new season harvest and expectations of higher production

Reduced demand from the Asian feed millers in the first quarter of next year as delayed cargoes from Brazil are flooding the market

NCDEX accredited warehouses maize stocks gained by 614 tonnes to 1675 tonnes.

Technically market is under fresh selling as market has witnessed gain in open interest by 8.12% to settled at 26510