The Telangana tender update is that the quantity confirmation is yet to receive from Markfed. The market is awaiting the updates to plan their buying plan. The AP government cargo tender is in discussion mode only. There is no decision made on the same. Market buying is slow to steady and prices are being maintained. New crop prospects are looking better at this point of time with an expectation of an early crop arrival in the market. Destination levels are relatively unchanged.
Tamil Nadu :- Rake 1390- 1400, Trucks 1480-1520
Bangalore :- Rake 1390-1400, Trucks 1530-1565
Hyderabad :- trucks 1490-1520.
Ahmedabad :- 1300-1325/1350 (super quality cargo buying)
Bihar :- 1100 Rake point, 1180-1190 warehouse.
North :- 1280-1300 UP cargo for Haryana/Punjab
Sangli : -1370-1380
Aug contract closed lower from previous day’s close. 1271 close of today versus 1298 of Tuesday. Open interest is at 2200 mt , spot price are at 1217 levels. Interesting times ahead.
International Market :-
The Aug rake quota is keenly awaited along with the Bangladesh market demand. South American corn will be in competition from now on for the Bangladesh Market. Cbot Dec contract is trading at 330 cents/bushel. The game from now on depends on the weather in South America and the US.
Sensex and Nifty
Sensex and Nifty are having a roller coaster ride, closing lower by 450 point son moving over on sensex and over 100 points lower on nifty, Rupee closed at 74.80 versus yesterday’s close of 74.85.
Still to rain in parts of west MP and Rajasthan, the crops are in need of rains now in these two regions. Rest of Maize growing regions are witnessing better rainfall.