Andhra Pradesh tender has been called off, speculations are that there will be a retender on the 27 and 28th. The quantity is 1 Lac Mt as in previous tender, so no tender for full quantity issued by AP Govt. Poultry demand is looking better from last month especially in the northern region and same is expected to be there in the southern market as well. With the Delhi Govt ordering opening of Hotels and similar other cities likely to follow suit, we should have demand rebounding for corn. Destination markets 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 :- 1375-1475 (average to best quality prices ) cargo for Haryana/Punjab
Sangli : -1400
Exchange :-
No trades to report yet as of this report writing, deliveries of 560 were allocated for the month of Aug 2020.
International Market :-
CboT Dec contract trading at 340 cents/bushel, premiums are firm for US and South America origins, the crops are expected to be bigger in the US whereas we hear a drop of 2 Myn My in the Ukraine crop numbers. Bangladesh demand is quiet for the moment as couple of vessels are slated to load from South America and couple of them are on waters already. How Bangladesh demand reacts will be the key to Indian markets.
Sensex and Nifty
Sensex and Nifty are trading lower by 378 and 85 points respectively as of this report writing, Rupee is trading at 75.03 up 21 paise from yesterday’s close. For a change gold is down by 718/- 10 gms.
Weather :-
We have Gurgaon drowning in rains in the last two days, received over 130 mm of rains, and still more forecast of rains. The crop situations need to be assessed in states of Madhya Pradesh/Telangana/Maharashtra for the corn crop. Karnataka and Orissa looks ok as of now.