Maize area is majorly down in Telangana on govt appeal not to sow maize. Punjab is showing healthy growth and with this we will likely have different trade flows in the country for the kharif crop. Overall area is close to last year sowing number of 7.5 Myn hectares versus this year @ 7.42. The update from the ground is the crop is in excellent condition as of now in MP and Maharashtra and per market we can have an on time harvest this year (last year was delayed).
Market Prices :-
Telangana tender is on 07/Aug/2020 and we are having the reports that the Andhra Govt tender will be going live from the 10th of Aug for 1 Lac Mt. With the crops being there in Govt custody we will see how the execution is handled for close to 1.5 Myn Mt of corn by respective governments. Bangladesh markets are opening from today and we might see more activity in the coming days. Poultry and Starch Industry consumption is going at 40-50% on average basis per market sources and will take some more time to come to pre covid levels. Market Prices are as under
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
Exchange :-
Nothing traded in exchange today, we have cargo in the exchange accredited warehouse of 764 mt with 40 mt in progress. Spot prices in range of 1220-1230 range.
International Market :-
Chinese Corn auctions keeps the market guessing, local corn prices are higher in china and there has been an active corn buying programme from the US. Cbot Dec contract traded at 325 cents/bushel, it seems all gains of july contract have been given away.
Sensex and Nifty
Sensex and Nifty are going strong after Fridays lower close, markets trading higher by 633 and 170 points respectively at the time of this report writing. Rupee is trading over 75 to the dollar and is trading at 75.04.
Weather :-
We have a pattern building up in Bay of Bengal and Arabian sea which will bring rains to the Central India and Rajasthan regions for the next 4-5 days. All major maize growing regions will have good rains during this period barring part of North Karnataka.