The excitement was there for Andhra Tender and the tenders were for 53k yesterday, the lowest price in tender was 1260 and the highest price was 1355 per quintal. Now the question remains will the government award the tender or like Telangana there will be a rebidding process. Markets were fairly quiet and there were some very miniscule quantities of arrival in Madhya Pradesh with high moisture percent. Market expects the arrivals in yards about end sep or I week October. What is the state government’s view and proposed actions will decide the price scenario for the markets in the kharif crop. Till now we have no update regarding the same.
Destination market prices are trading in a narrow range, levels are
Tamil Nadu :- Rake 1390- 1400, Trucks 1480-1520
Bangalore :- Rake 1390-1400, Trucks 1530-1565
Hyderabad :- trucks 1490-1520.
Ahmedabad :- 1300-1325/1370 (super quality cargo buying)
Bihar :- 1100-1120 Rake point, 1200-1220 warehouse.
North :- 1280-1300 UP cargo for Haryana/Punjab
Sangli : -1400
No trades reported yet on the exchange, stock are close to 800 Mt, open Interest for Aug was 2200 Mt and for sep was 460 Mt. Will have to see how the deliveries are released this month.
International Market :-
The USDA report was found bullish by market analyst as all the news and numbers were as per expectations. Chinese corn demand is slated to rise and china is seen as covering cargoes from the US. Bangladesh market quiet for the moment and cbot dec contract is trading at 332 cents/bushel over 4 cents from previous close. The premiums are ranging from 95-110 cents for the sep-oct shipments.
Sensex and Nifty
Sensex and Nifty are trading lower , nifty trading down by 21 and sensex down 117 points as of this report writing, gold is trading positive today and Rupee is trading at 74.83 versus yesterday’s close of 74.79.
Today India received over 70k positive corona patients, the recovered patient in a day also rose to 56k, the death rate has moved under 2% and govt wants it under 1%.
We have rains in Delhi NCR and have projections for Pan India Rains in this week till 16-17th Aug, barring some regions of Rajasthan and Karnataka. Rest all regions to receive slighr or heavy rainfall during this period.