There are rumours about the AP maize tender for full quantity of 0.45 Myn Mt. This along with the Telangana tender combined we will have more than 0.5 Myn Mt cargo coming into the market. The sentiment is already low and buying requirement very spot. Bihar quality is another reason why the markets are trading lower as there have been incessant rains for the last 20-25 days. Destination markets though have not moved and are waiting for the tender prices for market movements.
Tamil Nadu :- Rake 1420-1430, Trucks 1520-1535
Bangalore :- Rake 1420-1435, Trucks 1530-1565
Hyderabad :- trucks 1530-1570.
Ahmedabad :- 1360-1380/1390 (super quality cargo buying)
Bihar :- 1140-50 Rake point, 1190-1200 warehouse.
North :- 1320-1345 UP cargo for Haryana/Punjab
Sangli : -1430-1440
No trades reported on the exchange till the time of this report writing. Spot prices for exchange quality cargo is being indicated at 1235-1240 levels.
International Market :-
US weather continues to hold the key to the world corn markets, the Chicago prices are nearly back to those levels from where the US acreages shock rally was triggered. China on the demand side continues to be the driver. Bangladesh demand will be subdued for the next 15-20 days owing to Eid holidays from 25 july to 05 Aug. Bangladesh price indicative in range from USd Cfr 192-195/- pmt from India and US/Brzil/ crops are being indicated at 165/160 FOB/Pmt respectively.
The rains are slated in heavy category in South and North Karnataka along with Telangana and Maharashtra, with light showers in East and West MP and scanty rainfall in parts of Rajasthan.
Sensex and Nifty
Sensex and Nifty closed on positive note, sensec closed 420 points higher and nifty 121 points respectively. Rupee is trading at 75.18 versus 75.25 close of yday. Over 30000 new positive cases reported in India and we are in the distance of touching 1 Million cases shortly with active cases being 0.32 Myn. The trials are on and hopefully we should get some good news on that front. Till the time Stay Safe.