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Maize on NCDEX settled down -0.49% at 1422 tracking weakness in spot demand and overseas prices. Mexico's attempts to diversify its supplies of corn could threaten a crucial market for U.S. farmers who are increasingly dependent on exports to unload record stockpiles that are depressing prices.

Mexico buys nearly all its corn imports from the United States - shipments that totaled 13.603 million tonnes in the year ending Aug. 31, 2016. The sales account for about 28 percent of total U.S. corn exports, according to the U.S. Department of Agriculture.  USDA lowered U.S. corn ending stocks for the 2016-17 crop by 35 million bushels in this month’s World Agricultural Supply and Demand Estimates data. Corn ending stocks for the 2016-17 crop were lowered 35 million bushels to 2.32 billion bushels.

 The stocks-to-use ratio for the 2016-17 crop is projected at 16.1%, still significantly higher than the 12.7% ratio for the 2015-16 crop. Technically market is under fresh selling as market has witnessed gain in open interest by 1.89% to settled at 4310 while prices down -7 rupees, now Maize is getting support at 1415 and below same could see a test of 1408 level, And resistance is now likely to be seen at 1429, a move above could see prices testing 1436.