Maize local demand is very subdued

Cargo quality has become paramount in Bihar while trading the cargo, the premium/discount is as high as 70-100/- qtl for an average grade/superior grade cargo. The local demand is very subdued and buyers are very spot in covering their requirement. The shravan month is going on and poultry demand has taken a dent as is the case every year, market expects the demand to pick up from Aug end onwards. Destination prices are as below, unchanged from yesterday’s levels

Tamil Nadu :- Rake 1400-1420, Trucks 1520-1535

Bangalore :- Rake 1415-1430, Trucks 1530-1565

Hyderabad :- trucks 1520-1560.

Ahmedabad :- 1350-1370/1380 (super quality cargo buying)

Bihar :- 1130-40 Rake point, 1180-1190 warehouse.

North :- 1320-1345 UP cargo for Haryana/Punjab

Sangli    : -1430-1440

For Indian Markets next trigger will be the Telangana tender and its bid price for 70k mt.

Exchange :-

No trades reported today for july/Aug contract. Exchange cargo is about 2352 Mt. No deliveries yet reported by the exchange.

International Market :-

Bangladesh Market is also reacting to lower Chicago prices by asking cargoes at lower prices from Indian suppliers. Tradeable levels are in the range of 190-195 usd. How the buyers see the situation post Aug will be the key to Indian cargo prices in Bihar and West Bengal, as this is the best paying market for Indian corn as on date. Cbot Dec corn is trading at 337 cents/bushel up 1 cent from yesterdays close of 336 cents/bushel. The board has come down by almost 20 cents in last two trading sessions.

Weather :-

Rains continue in Bihar/up regions and playing catching up in other regions for crop sowing. Rains predicted from Wednesday onwards for key states for maize production.


Nifty & Sensex

Sensex and Nifty closed 660 and 145 points lower from yesterdays close. Rupee is trading at 75.43 versus previous day closing of 75.19. News of open lockdown are flashing across Indian states, this we believe is the new normal till the vaccine arrives in the market. Hearing Bihar lockdown for a period of 15 days from 15 to 31 july.