What a difference a fortnight makes, a fortnight back every processor/trader was waiting to buy maize from farmers and look at scenario today, farmer wants to sell but buying is scares and. IS it a lack of Logistics support for loading to Bangladesh or Lowering prices in International Market or a combination of both, we will need to see.
MP arrivals are in range of Chhindwara @ 3.5-4k MT and prices are generally trading at 1350-1360 rake point delivery, with warehouse prices being quoted @ 1380-1400 levels. Karnataka @ 1410-1430 at origins and Maharashtra trading at 1400 levels at Bhusawal/Jalgaon region for lower quality cargo.
Telangana government has covered about 15k cargo @ MSP and is looking to cover more cargo from the farmers.
Port buying has lost its steam and vizag prices are indicated @ 1520-1550 levels. Mumbai trading at 1500-1520 levels from Yeola region, Quality this year has been a challenge, processors need to figure this out for their production.
Destination levels are as below
Tamil Nadu :- Trucks 1560-1620,
Bangalore :- Trucks 1480-1500
Hyderabad :- trucks 1530-1570
Bihar :- 1450-1650 (Good Quality).
North :- 1540-1560
Sangli : -1475-1500.
Exchange :-
No trades nothing to report.
International Market :-
The USDA report coming this week will have factors for the markets to decide, it looks like profit taking is taking place in the market with worries getting factored in. Markets await new clues to trade higher from hereon. SE Asia will have its share of cargo come feb as shipments are from Jan onwards, till the time we will continue to see buoyance for Indian markets at least. Cbot Dec contract is trading at 420 cents per bushel and Ukraine and south America basis trading in range of 140-150. Will be interesting to see how markets play from hereon.
Weather :-
Weather is clear and the sowing for the new Rabi season is on. Chana and Wheat are the leaders in the pack at the moment, Maize has got a lot of catching up to do to come upto last year numbers in wake of Telangana government support to buy maize from farmers in Rabi crop. Karnataka Govt spokesperson has just announced from 25th Dec Govt will buy Maize @ MSP. IF they buy then the question of How much and where will arise, as of now just a news to keep farmers engaged not to sell maize at current levels.