Telangana tender for 70k Mt has been quoted the highest at 1188.50 by Kisan Bhandar, a private consortium of four to five people. The main question now is wether the government awards the tender at this price. If awarded market will witness good quality supplies at attractive prices for processors. Bihar/UP are witnessing continuous rains and lockdown are not improving the situation any further. 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 :- 1130-40 Rake point, 1190-1200 warehouse.
North :- 1300-1325 UP cargo for Haryana/Punjab
Sangli : -1400-1430
Aug/Sep contract are trading at 1289/1280 with an open interest of 830 and 250 mt respectively. Spot prices are quoted at 1231, with exchange having cargoes for 2897 Mt.
International Market :-
Ukraine crop will be watched with great interest because Ukraine wheat and Barley stocks are estimated at 5 year lows due to higher exports in year 2019-20. Chicago sep/dec contract trading at 324/331 cents/bushel respectively. China buying will be the key along with feed wheat indications and export numbers especially from black sea region.
We have rain forecast for the next 4-5 days for Maharashtra/UP/Parts of West MP and scanty rainfall for areas of Rajasthan/Telangana and parts of north Karnataka. Madhya Pradesh and Rajasthan maize crop needs to be watched out for lower rains till now. Just a flag but needs to be under observation.
Sensex and Nifty
Sensex and Nifty trading sideways today with sensec down about 100 points and nifty about 35 points. Rupee is trading at 74.76 versus close of 74.75 of yday.