MP/Rajasthan are the two states which will face scanty to light rainfall in the coming five days, rest of the maize growing regions will receive good rains per IMD sources. We are very close to achieving last year sowing numbers for maize on Pan India Basis, though there will be significant regional Imbalance this year which will lead the market to the new trade flows.
Market Price :-
Limited activity seen in the market, Rains and Quality deterioration are not helping Bihar and the product prices continue to put pressure on the raw materials. Price quoted at Destination market are the same but demand is lacking.
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
Aug contract is trading at 1308, open at 1305 with the previous close of 1296. Open interest is at 1610 MT and spot prices are being quoted at 1221 by the exchange.
International Market :-
Beans and Wheat continue to be under pressure on Cbot, some pressure is being seen for corn as well, cbot dec contract is trading at 336 cents/bushel. Bangladesh market is on holiday mood for EID Holidays and will get to know what exactly is the demand status for the coming months.
Sensex closed lower @ 37934 & nifty 61 points lower @ 11131. Rupee is trading at 74.83 depreciating few paise from Fridays close. FICCI has asked government to undertake Unlock down III and start Cinemas and other industry. The Government is yet to take a call on the same. Overall we had positive cases of more 46K in the country and 36k people recovering from the same.