We have decent arrivals in MP Chindwara region of about 1500 MT in chindwara mkt yard and about 4-5k across warehouses in the region. We have 1000 MT arrivals in North Karnataka (sangli nearby region) and about 1-2k Mt in Telangana and Andhra Pradesh. Maharashtra arrivals are also coming in but the pace is lower.
The initial price trigger was the port buying for exports, now the local market have been caught unaware and with lower stocks at processing units the markets have triggered price rise in the markets. Weather phenomenon along with this additional buying has resulted in markets trading higher.
Also we hear Maharashtra, Telangana and Andhra governments setting up centres to buy cargoes @ MSP 1850. We have not heard anything from the MP government till date.
Destination market levels are as below
Tamil Nadu :- Trucks 1530-1600,
Bangalore :- Trucks 1450-1500
Hyderabad :- trucks 1530-1600
Ahmedabad :- 1400-1430/1500 (super quality cargo buying)
Bihar :- 1550-1575 (Good Quality)High FD 1250-1300.
North :- 1670-1725
Sangli : -1370-1380/ Grit quality 1450-1475.
No trades, nothing to report.
International Market :-
Major action is taking place in International market. Dec board has come down from 420 to 395 as of this report writing, Ukaine/Russia corn crop report turning lower from 37-38 myn to 32/33 myn mt , Chinese buying and import quotas announcements, south american weather updates and the further impact of second/third covid wave across major Europe nations are taking precedence. India maize as an origin has probably lived its charmed life and it will be back again to south American markets to fulfil Asian demand. Local markets in India have moved up eclipsing export parities. We would need a re run in Chicago markets for India to be considered as a probable origin.
All dry and clear in maize growing regions and predictions for rains in Tamil Nadu and Kerela during this week. We are expecting increased harvesting activities across maize origins and farmers preparing their fields for the Rabi crops.