Maize sowing more or less similar in numbers last year versus current year. We have higher sowing percentage in Karnataka, Punjab, Jharkhand, Assam and chattisgarh, while there is a drop of 77% in acreage in Telangana region. Madhya Pradesh acreage is similar as last year.
Market Prices :-
The period before the harvest is usually the trickiest one and when the government is involved it becomes even trickier. AP/Telangana govt cargo offerings are directing the markets as of now. Good quality cargo across origins is hard to find by and the premium discount for Good-Average cargo is increasing daily basis in the market. Markets have flared up by 500-700 pmt in last 7-10 days on replacement buying and are expected to rise further in the next fortnight by market participants. Destination price levels are as
Tamil Nadu :- Rake 1400-1420 VS Rake 1370-1390 (quality issues), Trucks 1470-1530
Bangalore :- Rake 1400-20 VS 1360-80, Trucks 1450-1480
Hyderabad :- trucks 1520-1550 vs 1480-1520.
Ahmedabad :- 1380-90/1430 VS 1330-1340/1400 (super quality cargo buying)
Bihar :- 1190-1200 VS 1140-1160 Rake point, 1300-1320 VS 1270-1290 warehouse.
North :- 1360-1470 VS 1325-1425 (average to best quality prices ) cargo for Haryana/Punjab
Sangli : -1400-1420 VS 1350-1375
No trades reported on the exchange, nothing to write, open interest is 560 Mt for sep contract and spot prices-Gulabbagh are 1320-1330.
International Market :-
Soyabeans are strong dragging corn along with it, Chinese buying continues, USDA report awaited, all these factors are playing around the international market at the moment. Cbot dec contract is trading at 362 cents/bushel. FOB levels US/SOAM are indicated at 180-190 USD/PMT and for south east asia delivered levels are being indicated at USD 225/- pmt.
Our weathermen shows rains in both parts of Karnataka, North and south. Rest of the maize growing regions will receive slight to normal rainfall. These rains will decide the arrival date of the cargoes.
Sensex and Nifty
Sensex and Nifty have lowered from their day’s high and are trading at 38668 and 11414 respectively, higher by 244 and 58 points respectively. Rupee is trading at 73.61 from yesterday’s closing level of 73.44. We have reached 90k cases on daily basis and on weekends Indian cases were more than US and Brazil Combined. Need to be more careful from now on.