Maize on NCDEX settled down by -0.55% at 1448 tracking weakness in spot demand amid arrival pressure. Due to rainfall, maize crop contains 16-17% moisture and is being traded at lower rate. The USDA Crop Progress Report noted that 44% of the corn crop is in the ground, up from 34% a week ago but behind the five-year average of 52%. As per the USDA, export inspections of U.S. corn in the latest week at 720,586 tonnes, below a range of trade expectations for 900,000 to 1.2 million tonnes.

Technically market is under fresh selling as market has witnessed gain in open interest by 4% to settled at 260 while prices down -8 rupees, now Maize is getting support at 1438 and below same could see a test of 1428 level, And resistance is now likely to be seen at 1458, a move above could see prices testing 1468.

Trading Ideas:

* Maize trading range for the day is 1428-1468.

* Maize prices ended with losses tracking weakness in spot demand amid arrival pressure.

* USDA Crop Progress Report noted that 44% of the corn crop is in the ground, up from 34% a week ago

* NCDEX accredited warehouses maize stocks gained by 205 tonnes to 1402 tonnes.

* In Nizamabad maize spot prices gained 1.65 Rupees to 1516.65 Rupees per 100 kgs.

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