No major changes in market prices and situations. Markets await the tender results on the 28/29 Sep. Destination levels are as below
Tamil Nadu :- Rake 1400-1420, Trucks 1530-1600,
Bangalore :- Rake 1400-20, Trucks 1500-20
Hyderabad :- trucks 1520-1550
Ahmedabad :- 1370-80/1410-15 (super quality cargo buying)
Bihar :- 1350-1360 warehouse.
North :- 1300-1400/1500 (average to best to absolute best quality prices ) cargo for Haryana/Punjab
Sangli : -1400-1420/ Grit quality 1480-1500.
No trades, nothing to report, exchange stock is only 59 Mt. Ncdex has launched options contract also for maize.
International Market :-
There was a global sell off yesterday in Chicago markets, but grains stood firm and maize is now trading at 364 cents/bushel. With premiums ranging over 140 for dec months, makes cargo levels around 200 USD/PMT FOB in US/South America. Ukraine is also trading around similar levels with offers difficult to generate. It will be interesting how the market plans our for Nov/Dec in the south asia region.
We have the following weather update from out weathermen that we will have light rains in North Karnataka and regions of AP/Telangana, rest of maize growing regions should see a clear weather, good for crop progress and harvesting.
Sensex and Nifty
Sensex and Nifty made smart recovery today and we have news that government will have further stimulus to boost the economy. Sensex closed @ 835 points higher @ 37388 and nifty closed @ 11050 with high of 244.70 points. Rupee closed @ 73.67 from yesterday’s high of 73.90.