The shravan month has begun from today and the poultry demand which was already subdued will be having even lower production for a month and a half from today. Market expects only 50% Broiler placement is there versus January/February period of 2020. Buying largely need and for immediate consumption.
No updates received on the Telangana tender, market talk is that the decision maker is not in office due to Covid reason. It should be good to watch the buyers for about a Million tonne of corn between Andhra and Telanagana.
Destination market prices are as below
Tamil Nadu :- Rake 1430-1440, Trucks 1540-1575
Bangalore :- Rake 1420-1440, Trucks 1530-1565
Hyderabad :- trucks 1530-1575.
Ahmedabad :- 1400-1430/40-1450 (super quality cargo buying)
Bihar :- 1140-50 Rake point, 1180-1190 warehouse.
North :- 1350-1375 UP cargo for Haryana/Punjab
Sangli : -1450-1475
Maize july contract is trading at 1262 down 6 from Fridays close, open interest is at 2710 mt and spot prices are quoted at 1246. Prices expected to move lower on expiry of the contract.
Sowing Report :-
We have 45 Lac hectare sowing done till now on pan India basis versus 23 lac hectares of last year. The total sowing for 2019 maize kharif crop was 75 lac hectares, market expects to meet if not exceed the sowing numbers of last year. IF all goes well with the weather we should have crop coming in Sep/End early October this year.
International Market :-
Bangladesh demand continues to be robust and the quantum will depend on the railway quota to be announced for the july month. Cbot july contract was closed at 353 cents/bushel. The board has seen the markets move up by approx. USd 10/- pmt on the lower acreage report and subsequent short covering.
Monsoon continues its progress across the length and breadth of the country. Overall rainfall is higher this year versus same time last year. The forecast for the next week rains is for heavy to very heavy rainfall in states of Orissa/West Bengal/Bihar/Madhya Pradesh/Rajasthan. Rains will be heavy in II half of the week in Karnataka and very limited showers seen for Marathwada and Maharashtra.