Yesterday, The demand has been spot and processors are looking just content with that. The Bihar quality cargo has become a challenge and AP cargo has come as welcome relief for Tamil nadu poultry industry using AP corn for their parents and special feed requirements. Starch product prices continues to hover between 18-19/- kg ex-factory basis, giving north/east processors good margins over south processors. The focus is now on the new crop and its arrivals which look delayed by a fortnight from previous week estimates. We can expect cargoes to arrive from II to III week of October (again no major rains in origins). On prices front market are trading sideways, destination market levels are as below
Tamil Nadu :- Rake 1400-1420, Trucks 1530-1600, Good Quality cargo @ 1600 Levels by rakes.
Bangalore :- Rake 1400-20, Trucks 1500-20
Hyderabad :- trucks 1520-1550
Ahmedabad :- 1370-80/1410-15 (super quality cargo buying)
Bihar :- 1190-1200 Rake point, 1330-1350 warehouse.
North :- 1300-1400/1500 (average to best to absolute best quality prices ) cargo for Haryana/Punjab
Sangli : -1400-1420
Yesterday, No trades reported on the exchange, deliveries for 190 mt have been allocated for the month of sep from gulabbagh warehouse.
International Market :-
Cbot Dec contract is trading at 372 cents/bushel, with Chinese buying continuing in the markets, mostly us is the preferred origin. Bangladesh and south east Asia looks covered for the moment but the prices have moved north and now coverage will be over 225-230 cfr levels, when the buyers bite the bullet remains to be seen, how can India play a role in this supply chain remains to be seen.