Maize sowing acreage numbers were received at 8.003 Myn Hectares versus 7.88 Myn hectare of last year. One interesting fact would like to mention here is that Argentina acreage is 6.8-7.0 Myn hectares and they receive a crop of 50 Myn Mt versus our Indian crop at 14-15 Myn Mt. The weather condition in state of Maharashtra, Orissa, Karnataka is being told to be conducive for maize crop starting October/November.
Market Prices :-
AP government has decided not to award tenders below the price of 13500/- pmt. This way government has allocated 36000 Mt in this tender. The tender for further 1 Lac mt is scheduled next week. Local processors awaiting Telangana government tender updates. Till that time buying is very spot. Destination markets are as below
Indicative levels are as below
Tamil Nadu :- Rake 1350-1370 (quality issues), Trucks 1450-1500
Bangalore :- Rake 1360-80, Trucks 1450-1480
Hyderabad :- trucks 1480-1520.
Ahmedabad :- 1300-1325/1380-90 (super quality cargo buying)
Bihar :- 1130-1140 Rake point, 1250-1270 warehouse.
North :- 1300-1400 (average to best quality prices ) cargo for Haryana/Punjab
Sangli : -1350-1375
No trades reported on the exchange yet, we have 900+ mt cargo in the exchange warehouses. Spot prices are in range of 1260-1270 in line with the market prices.
International Market :-
Chicago corn futures rose for a second consecutive session on Friday, while soybean prices gained on expectations of strong Chinese demand. The European Union cut its duty on maize (corn) imports to zero on Thursday to take account of a rise in U.S. maize prices following a reduced forecast for the 2020/21 U.S. maize harvest, the European Commission said. Cbot Dec corn contract trading at 362 cents/bushel. South East Asia corn values will have to realign with the global markets prompting new trade flows for the season.
Sensex and Nifty
Sensex and Nifty are trading lower today by 514 and 160 points respectively from previous day close. Rupee is trading at 73.60 versus Friday close of 73.11 depriciating about 50 paise.
Last week rains were received in plenty especially in Madhya Pradesh prompting, market participants to make assumptions of crop losses of about 10-30% as one wished. We will have to look out for crop losses if any in the coming days, this week forecast is of intermittent rains in Madhya Pradesh, Maharahtra, and Rajasthan. We will receive more rains in Karnataka, parts of Orissa and Bengal.