There are market rumours that the Telangana tender terms could be altered and date is likely to be extended. This news along with the Bihar lockdown will have a positive sentiment in the market and prices can move up in the short term. Starch Product prices continue to be under pressure and poultry prices have started moving southwards. Destination market are as follows
Tamil Nadu :- Rake 1420-1430, Trucks 1520-1535
Bangalore :- Rake 1420-1435, Trucks 1530-1565
Hyderabad :- trucks 1530-1570.
Ahmedabad :- 1360-1380/1390 (super quality cargo buying)
Bihar :- 1140-50 Rake point, 1190-1200 warehouse.
North :- 1320-1345 UP cargo for Haryana/Punjab
Sangli : -1430-1440
July contract is trading at 1274 levels down 2 from last close. Open interest is at 840 mt and the deliveries for the month are at 1670 mt. spot prices reflect the actual market position at 1234.
International Market :-
China buying corn from the US has provided the market support to the Chicago, the rains in the us and better crop yields prospect are limiting the gains for the corn market. Bangladesh corn market is also slowing down for indian corn. Cbot dec contract is traded at 334 cents/bushel unchanged from yesterday’s close.
It’s raining in Indore and Bihar and UP, weather favourable for maize growing regions in the current and coming week.