Buying is subdued at the moment looking at lower price realization in the food and feed sectors. Just Need-based buying being done, stocking demand largely has been catered to in Bihar, and now challenges with empty or half-filled warehouses begins. Destination market rates are as below
Tamil Nadu :- Rake 1460-1470, Trucks 15600-1580
Bangalore :- Rake 1450-1460, Trucks 1550-1575
Hyderabad :- trucks 1530-1575.
Ahmedabad :- 1400-1450/60-1490 (super quality cargo buying)
Bihar :- 1160-70 Rake point, 1220-1230 warehouse.
North :- 1370-1390 UP cargo for Haryana/Punjab
Sangli : -1480-1500
Interesting comments we are hearing from traders in Madhya Pradesh is that for coming Kharif season, MP govt might again move for Price Deficit scheme (bhavantar yojana). If it materializes this will be great for the maize and soybean supply chain participants in general.
The unlockdown version 2 starts from today, we have new regulations coming into effect from today 01 July 2020. Sensex and Nifty are showing strength to the tune of 500 points higher in Sensex now trading at 35413 and nifty @ 10432 up 150 points. The rupee is trading at 75.57 as of this report writing trading sideways from yesterday’s close.
July contract trading at 1300 levels up from yesterday’s closing levels of 1299. Open interest is at 2550 mt and spot prices moved up from yesterday of 1250 to 1259 of today. The exchange warehouse has a cargo of 995 Mt and about 647 mt is under process. Deliveries will be interesting for this month.
International Market :-
Corn July contract closed at 338 cents/bushel touched a high of 346 yesterday on us corn acreage report. The destination markets impact will be seen in the market in the coming days.
Bangladesh Rake quota from India should be announced today, the market expects a similar number of 20 rakes this month for loading to Bangladesh markets.