Crop arrivals are looking delayed, government tenders are coming in, crop numbers while polling are coming in at 14 Myn for the kharif season. Government number is at 17 Myn. We are flushed with corn it seems this year. Processors are buying spot cargo, waiting for crop arrivals. Destination markets are as below
Tamil Nadu :- Rake 1400-1420, Trucks 1530-1600,
Bangalore :- Rake 1400-20, Trucks 1500-20
Hyderabad :- trucks 1520-1550
Ahmedabad :- 1370-80/1410-15 (super quality cargo buying)
Bihar :- 1190-1200 Rake point, 1330-1350 warehouse.
North :- 1300-1400/1500 (average to best to absolute best quality prices ) cargo for Haryana/Punjab
Sangli : -1400-1420
Buying in smaller volumes by the processors.
No trades, nothing to report for Indian exchange. Options have been launched by Ncdex, could see some traction going forward on this.
International Markets :-
Yesterday there was a global sell off across the board and commodities. Today also the markets are trading lower but the News through British Pm source says Caution would be exercised no plans for Lockdown. Cbot Dec contract is trading at 367 cents/bushel from the highs of 378 cents/bushel. Importers waiting on the sidelines could be in for a surprise as weather problems and its impact is still to be factored in by the market.
Sensex and Nifty
Sensex and Nifty are trading at 37823 and 11175 respectively, trending lower from yesterday’s close by 208 and 74 points respectively. The rupee is trading at 73.56 versus close of 73.57 of yesterday. Markets going lower over the return of lockdown news in London and Banking Irregularities by the banks especially in the US.
We have rains in MP/Maharashtra/south Karnataka for the next 3-4 days and this could have an impact on the crop arrivals in the market. Till date, we have received about 7% excess rainfall of LPA.
Must Read :-
Farm Bills have been passed by Rajya sabha, MSP of 6 Rabi crops have been increased. Edible oil/beans/Pulses are scheduled to move out of Essential commodities list. Big Agri reforms done by the government.