The tender mystery continues and we are yet to hear anything concrete from both the state Governments ie AP and Telangana. Likely we hear from them during the week. The south Markets and the east markets continues to move lower with only spot demand and awaiting updates of tender. West markets trading sideways on some logistics issues due to rains and north continues to hold steady demand for the market. Destination market prices are as below
Tamil Nadu :- Rake 1350 (quality issues), Trucks 1450-1500
Bangalore :- Rake 1360-80, Trucks 1450-1480
Hyderabad :- trucks 1480-1520.
Ahmedabad :- 1300-1325/1390 (super quality cargo buying)
Bihar :- 1100-1120 Rake point, 1200-1220 warehouse.
North :- 1280-1300 UP cargo for Haryana/Punjab
Sangli : -1400
Aug/Sep closed at 1280/1320 with an open interest for 960 and 470 mt respectively. Spot prices are at 1250. The exchange quality cargo is in limited supply making more cargo into accredited warehouses difficult.
International Market :-
Cbot Dec contract trading at 344 cents/bushel unchanged from previous close. Black sea weather conditions need to be taken into account along with China demand for the coming harvest, Bangladesh demand will be a keen factor to look out as India with its stocks looks to be in the game till Dec/jan this season even for the new crop as well.
As per our last update we are witnessing Rains across regions along with Delhi NCR, however the continuous rains are causing issues for the cotton and red gram crop especially in Telangana. For corn and other coarse cereal crop, there is no concern as of now.