This week sowing reports indicates the 10% increase in sowing numbers versus last year same time. MP/Karnatka/Maharashtra are reporting higher acreages and the crop in Maharashtra especially is being told as in the best condition. The major shortfall is coming in from state of Rajasthan and Telangana. Last year we had total acreage of 7.4 Million hectares versus this year till date of 6.4 Million hectares.
The news of Government reducing wheat Omss price has led to a negative sentiment across grain commodities in India. The reduction talked about is 2400/- pmt.
Telangana Markfed received 7 bids for its tender cargo. The bidding results are expected tomorrow. This quantity if released will lead to increased arrivals in the market. Andhra Government tender announcement is expected this week for about 4.5 Lac Mt. Destination market prices are as below
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 :- 1140-50 Rake point, 1190-1200 warehouse.
North :- 1300-1325 UP cargo for Haryana/Punjab
Sangli : -1400-1430
July contract closed at 1275 and Aug at 1290 with an identical open interest of 560 mt for each month. spot prices are lower at 1228. Deliveries for the july month are marked for 1940 mt.
International Market :-
Bangladesh Market is awaiting Eid holidays and are trading accordingly. The weather in the US and south America will provide directions for the coming week. Cbot Dec contract traded at 336 cents/bushel.
Weathermen predicts lower rainfall for the coming week in Regions of Rajasthan and Madhya Pradesh and have favourable rains in states of Bihar/UP/Telangana/Karnataka/Orissa and Maharashtra. The early rains and sowing have resulted in market anticipating an early crop arrival especially in the state of Maharashtra.
Sensex & Nifty
Sensex closed at 400 points higher @ 37418 and nifty closed over 11000 about 120 points higher. Rupee closed at 74.91 versus Friday close of 75.03. HDFC bank strong results were the source of market cheer today. On the Covid front over 40000 cases were detected in the last 24 hours.