Maize final sowing numbers presens us with a marginal increase in the sowing acreage for the current year kharif crop. A number of 8.04 Myn versus a number of 8.07 Myn of the current year.
Market Prices :-
We have the AP tender tomorrow for 50k MT and Telangana govt has called for the tenders to be opened on the 29th Sep for 0.84 Myn Mt. What prices the Telangana government gives this tender will set the base for this year crop prices to play out. Local markets are trading higher in Tamil Nadu and Lower in Maharashtra, Bihar prices are stable and we forsee Bangladesh demand returning with Chicago prices rallying after the positive USDA report. Enclosed is the post report analysis by Mr. Jeffrey Mcpike from Mcdonaldpelz US office. Destination market prices are as below
Tamil Nadu :- Rake 1400-1420, Trucks 1530-1600
Bangalore :- Rake 1400-20, Trucks 1450-1500
Hyderabad :- trucks 1520-1550
Ahmedabad :- 1370-80/14310-15 (super quality cargo buying)
Bihar :- 1190-1200 Rake point, 1330-1350 warehouse.
North :- 1360-1470 VS 1325-1425 (average to best quality prices ) cargo for Haryana/Punjab
Sangli : -1400-1420
No trades nothing to report now.
International Market :-
Markets trading very firm, there are limited sellers for prompt positions in US/South America. The Cbot is trading at 370 cents/bushel as of this report writing for Dec contract. The Chicago price movement will take some time to factor in for physical markets to come to terms to. The replacements levels are going up every day. Indicative Brazil FOB 190-192., US 190-203, Argentina 190, Ukraine 187-190/- pmt. South East Asia will have to look out for their open positions and look for other options- India might be having a better chance this year unless our markets also starts reacting in a similar way.
We have our weathermen giving us rains in Maharashtra/Telangana/Karnataka regions. All regions very important for Maize crop in India. Rest of the regions will receive light to scanty rainfall during the next 4-5 working days. The rains now will definitely set back the crop arrival by 7-10 days as per market experts.
Sensex and Nifty
Sensex and Nifty were very volatile in today’s trading session. Sensex and nifty closed at 38756 & 11440 down 97 and 24 points respectively. Rupee is trading at trading at 73.45 as of this report writing.