Maize sowing has risen up to 7.1 Myn hectares versus same time last year numbers of 6.6 Myn hectares. The overall last year sowing number was 7.4 Myn hectares. Telangana is witnessing a major drop in the area 0.05 Myn this year from 0.2 Myn of last year, which is being made up by Maharashtra and Karnataka alongside Punjab and Jharkhanad. This year’s crop and trade flow will define the maize market trade in the years to come.
Market Prices :-
Market Prices moved in a narrow range this week, the Telangana tender was the main centre of attraction this week. The highest bidder was a Kisan Bhandar Consortium bidding cargo at 1188.50/- qtl. Bangladesh market continue to be partially active due to impending Eid Holidays. Industry product prices of Birds and starch continue to see lower demand and price pressure. Bird prices moved from 100 over to 70 0ver in this week down by 30/-kg. The News on AP Tender is there the state is under pressure on Corona Issue hence the decision to Auction Maize is put on backburner for now.
Destination market prices were as
Tamil Nadu :- Rake 1420-1430, Trucks 1500-1535
Bangalore :- Rake 1420-1435, Trucks 1530-1565
Hyderabad :- trucks 1530-1570.
Ahmedabad :- 1340-1350/1370 (super quality cargo buying)
Bihar :- 1130-40 Rake point, 1190-1200 warehouse.
North :- 1300-1325 UP cargo for Haryana/Punjab
Sangli : -1400-1430
Exchange :-
Aug contract closed at 1292 with 1240 mt of open interest. July deliveries were 2500 Mt. Spot prices continue to remain in range bound at 1220-1230 levels. More than 2900 Mt cargo is there in exchange accredited warehouse.
International Market :-
China continues to buy US corn in huge Volumes this week reported trades about 1.4 Myn Mt. China is planning to auction state Corn reserves for the local industry. US weather has witnessed rains which has raised hopes of a bountiful corn crop, the concern remains in the Ukraine/Russian weather. Cbot Dec contract is trading at 337 cents/bushel up 1.5 cents. Bangladesh market continues to trade in range between 190-195 for Indian corn for Aug shipments, the next move is likely seen post Eid festivities.
Evening Recap for the week ending 24/July/2020.
India Covid Positive cases near 50k in a single day, more than 30k recovered also in a single day. Vaccine trials on Humans have started in AIIMS Delhi and the same brings us hope about the early remedy from the Corona Virus.
Sensex and Nifty ended flat @ 38128 and 11194 respectively. Rupee for the week ended at 74.82 versus previous day close of 74.77, The Rupee has appreciated during the week.
Weather :-
Rains still lacking in regions of West MP/Rajasthan which clearly depicts in Northwest region rainfall deficit at 18%, while rainfall is higher by 16% in East and North East region and by similar percentage in Southern Peninsula. Overall India received 405 mm rains versus average normal rains of 384 mm for this time of the year.