The current demand scenario for poultry and starch with on and off opening up of processing plants is not helping demand one bit. The processors are just buying for spot demand. The broiler placements according to poultry industry will move up from Aug end and then one can expect a better demand from poultry industry. 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 :- 1400-1430/40-1450 (super quality cargo buying)
Bihar :- 1130-40 Rake point, 1180-1190 warehouse.
North :- 1350-1375 UP cargo for Haryana/Punjab
Sangli : -1450-1475
Bihar warehouses prices being determined by Bangladesh truck parities rather than local industry prices.
July contract is yet to trade as of this report writing. Spot prices around 1240 and we have about 1650 MT in exchange warehouses and about 400 mt further in process of getting accredited in warehouse.
International Market :-
Cbot July contract is trading at 342 cents/bushel down 4 cents from yesterday’s close. Dec contract which is the most active contract is trading at 351 cents/bushel again down by 4 cents. US weather holds the key to this market and as far as India neighbourhood is concerned, Indian Supplies are the most economic and is getting just in time delivered to the buyers in Nepal and Bangladesh. Bangladesh is very active and is trying to buy everything it can from India.
There will be a slight change in the rainfall regions per IMD report of 07 july, Madhya Pradesh/Maharashtra/Telangana will receive light rainfall versus earlier projected of heavy to very heavy rainfall. It is raining continuously in Bihar/UP regions making current cargo quality a challenge.
Market update :-
Corona positive patients are over 7 lacs and only 1% of our total population has been tested so far, it is and will be a humongous task for the people and government to keep health and economy in right balance. Sensex and nifty are trading sideways, with sensex up by 6 point and nifty lower by 10 points. Rupee is trading weak @ 74.93 versus yesterday’s close of 74.61.