Maize settled down -0.64% at 1243 due to subdued demand from overseas buyers amid arrivals from the new season crop and expectations of higher production, though concerns about the quality of the crop after excessive rains could restrict losses. Supplies from the new season harvest have been higher in the spot market and are likely to keep prices under pressure. Overall 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. 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. 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 5.08% to settled at 29160 while prices down -8 rupee, now Maize is getting support at 1237 and below same could see a test of 1232 level, And resistance is now likely to be seen at 1252, a move above could see prices testing 1262.

Trading Ideas:

Maize trading range for the day is 1233-1263.

Maize dropped due to subdued demand from overseas buyers amid arrivals from the new season crop and expectations of higher production

Supplies from the new season harvest have been higher in the spot market and are likely to keep prices under pressure.

NCDEX accredited warehouses maize stocks gained by 606 tonnes to 2281 tonnes.

Technically market is under fresh selling as market has witnessed gain in open interest by 5.08% to settled at 29160