AP cargo tender for 100 k is starting from 10th and will continue till 13th on electronic platform. This is along side the 70k tender of Telangana which will also be going to called on for tomorrow 07th Aug 2020. Buying very need based and all eyes on the tender prices, looking at last tender best price of 1188.5 this time tender is expected in 1200-1220 range. Bangladesh demand quite for now, we should see action coming on from next week onwards, people still in holiday mood. Poultry Product prices continue to be lower but are still profitable for the integrators. The placements expected to improve from September onwards. Destination market prices are as below
Tamil Nadu :- Rake 1390- 1400, Trucks 1480-1520
Bangalore :- Rake 1390-1400, Trucks 1530-1565
Hyderabad :- trucks 1490-1520.
Ahmedabad :- 1300-1325/1370 (super quality cargo buying)
Bihar :- 1100-1120 Rake point, 1200 warehouse.
North :- 1280-1300 UP cargo for Haryana/Punjab
Sangli : -1400-1420
No trades taking place on the exchange, nothing to write about.
International Market :-
The board prices are moving down due to a record corn crop expectation this year, the farmers though are reluctant sellers in the US/Arg/Brazil. Cbot dec prices are trading at 323 cents/bushel as of this report writing. Looking at board prices Korea is in the market to cover cargo for future shipments of Dec/Jan, prices expected around CNF 190/192 USD/pmt. Destination Markets are not moving higher, lets see how lower the origins trade.
Sensex and Nifty
Sensex and Nifty closed over 38000 and 11200 respectively 360 and 98 points higher from previous close. Rupee is trading at 74.96 in narrow range from previous day’s close.
Heavy rains in Mumbai/Maharashtra and central India, going as per our initial weekly forecast. IMD sure is doing a good job of predicting rains on time this year. No damage to the crops seen as of yet in any state.