Enclosed is the summary of Tender bids for AP maize tender, the prices are higher by approx. 300/- pmt over the previous tender. The 46000 Mt question is will the government still give the cargo to the highest bidder??, Markets in the rest of the country are flat to trading lower. Quality in Bihar is becoming a major concern or in other words, this is the cargo which is there, do the buyers want it or not is the question.
Indicative levels are as below
Tamil Nadu :- Rake 1350 (quality issues), Trucks 1450-1500
Bangalore :- Rake 1360-80, Trucks 1450-1480
Hyderabad :- trucks 1480-1520.
Ahmedabad :- 1300-1325/1390 (super quality cargo buying)
Bihar :- 1130-1140 Rake point, 1250-1270 warehouse.
North :- 1300-1400 (average to best quality prices ) cargo for Haryana/Punjab
Sangli : -1350-1375
No trades, nothing to report, exchange stocks are over 800 Mt.
International Market :-
Cbot dec is trading strong over 356 cents/bushel, this has moved up 25 cents in the last one week. Major disruption is due to weather forecast in the US and Chinese buying for corn and beans. Bangladesh demand needs to be seen in light of Indian cargo quality condition. Quota for sep rakes are awaited. Long congestion at the moment in Darsana for rake unloading and movement.
Sensex and Nifty
Sensex and Nifty are trading sideways with up about 50 and 16 points for sensex and nifty respectively. Rupee is trading at 73.92 versus close of 74.21 yday. Strong move by Rupee aiding importers.
We will have a breather from rains in the next 4-5 days from consistent and heavy rains as witnessed last week. Forecast is of scanty and limited rains across maize growing regions, better for maize crop progress.