Maize settled up 0.66% at 1221 on short covering amid firm spot demand after prices seen pressure on pressure from expectations of large global supplies. The delayed monsoon this year is likely to hit the sowing of maize, an important kharif crop, across India. India total maize production in 2013-14 is estimated at 23.29 million tons against 22.26 million tons due to higher sowing acreage coupled with favourable crop conditions in major producing states, the second advance estimates of Indian government showed.

India's monsoon has covered the entire country, the weather office said, two days behind the normal schedule in a year that is forecast to bring below-average rains. The revival of monsoon rains in the grain bowl of northwest and central regions should help speed up sowing of main summer crops such as corn. Poor rains since the start of the June-September season had raised concerns of a first drought in five years. Rains are vital to India's farm sector, which accounts for about 14 percent of the country's nearly $2 trillion economy. Two-thirds of its 1.2 billion population live in rural areas.

As per the second advance estimates of Indian government, the total maize production in 2013-14 is estimated at 23.29 million tonnes against 22.26 million tonnes due to higher sowing acreage coupled with favourable crop conditions in major producing states. Technically market is under short covering as market has witnessed drop in open interest by -1.51% to settled at 38470 while prices up 8 rupee, now Maize is getting support at 1214 and below same could see a test of 1206 level, And resistance is now likely to be seen at 1227, a move above could see prices testing 1232.

Trading Ideas:

Maize trading range for the day is 1206-1232.

Maize gains on short covering amid firm spot demand after prices seen pressure on pressure from expectations of large global supplies.

The delayed monsoon this year is likely to hit the sowing of maize, an important kharif crop, across India.

India total maize production in 2013-14 is estimated at 23.29 million tons against 22.26 million tons due to higher sowing acreage

NCDEX accredited warehouses maize stocks gained by 393 tonnes to 24286 tonnes.