Govt has released the first advance estimates of maize kharif production at 19.9 Myn MT versus last year crop of 19.6 Myn Mt. A delta positive change of 3 Lac mt this kharif crop. Market trades the crop between 12-14 Myn Mt. Private trade estimates a negative delta for the current year kharif crop. (Trade sources)
Customer buying spot cargoes, awaiting tender for 8.4 lac mt on 28/29 sep and weather scenarios in the country. The arrivals which were promised in sep are nowhere to be seen and trade expects this to be delayed till 15/20 October. How the Mandies (Market Yards) will operate is the bigger question. We have strike in MP followed by Agitations in Punjab/Haryana in the coming days. Arrivals this season could be disrupted due to the government reforms. Demand for Indian maize is positively moving up in Nepal/Bangladesh. Destination markets are as below
Tamil Nadu :- Rake 1400-1420, Trucks 1530-1600,
Bangalore :- Rake 1400-20, Trucks 1500-20
Hyderabad :- trucks 1520-1550
Ahmedabad :- 1370-80/1410-15 (super quality cargo buying)
Bihar :- 1350-1360 warehouse.
North :- 1300-1400/1500 (average to best to absolute best quality prices ) cargo for Haryana/Punjab
Sangli : -1400-1420/ Grit quality 1480-1500.
No Trades, nothing to report.
International Market :-
There has been a global sell off which is setting prices lower for the December contract. Fundamentals don’t change in a day and dec corn contract is trading at 363 down 4 cents from previous close. In physical market we see good demand coverage from china and south east asia. How is New crop india going to shape up is the real question. Premiums for Argentina/Brazil/Ukraine are trading sideways indicating physical firmness in the market.
We have continuous rains across maize growing regions ranging from Chindwara in MP to Davangere in south Karnataka. The weather men expects the withdrawal from the next week and we should see good sunlight across growing regions.
Sensex and Nifty: –
Sensex and Nifty closed lower by 1142 & 326 points @ 36553 and 10805 respectively. Rupee closed at 73.92 versus 73.57 of previous day. It was a blood bath in the equity and commodity markets. The main reason being touted as the news from US that the Economy is in much worse shape than it is being talked about by the government. The second reason is the re-emergence of covid-19 across European cities like London, Netherlands, Madrid, Paris.