Maize prices looks to have stabilized at current levels in Bihar

Maize prices looks to have stabilised at current levels in Bihar largely due to Bangladesh demand and subsequent resultant demand thereof. Telangana tender has been announced and will be opened on 22 July 2020. Approx. 70000 Mt cargo is expected to be liquidated by the Telangana Markfed. The terms of the tender are unusual though from routine mark fed tenders. Destination market prices are as below

Tamil Nadu :- Rake 1425-1435, Trucks 1540-1575

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

Hyderabad :- trucks 1530-1575.

Ahmedabad :- 1380-1430 (super quality cargo buying)

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

North :- 1350-1375 UP cargo for Haryana/Punjab

Sangli    : -1440-1450

Exchange :-

July contract trading at 1285 up 12 from previous close. Spot price is at 1232 and open interest in july contract is at 2830 MT. The stock in exchange warehouse is 2009 mt and 348 mt is under process, making it interesting in witnessing exchange deliveries for this month.

International Market :-

Report day today, we should witness the indications for numbers which the markets trades on from hereon. Dec contract is trading at  358 cents/bushel up 1 cent from previous close. Weather holds the key to this market.

Weather :-

The good monsoon coming in the next four to five days in all the maize growing regions and it is continuous in UP/Bihar/Orissa and North East states. Central India is receiving scattered rains in MP/Maharashtra.


Sensex & Nifty :-

Sensex and Nifty are closed lower for the week ended @ 36594 and nifty @ 10768. Rupee is trading volatile @ 75.20 as of this report writing and in meanwhile fresh partial/complete lockdowns have started in various parts of the country. Indian cased reported were 26000 new ones in the last 24 hours.