The major factor of concern the rains, per our weathermen they are away from the maize growing regions in the next 5-6 days, and the other one the Telangana government tender update should also be made available during this week. The US elections are due in Nov first week and by Christmas per expert sources, we should also have the vaccine available with us.
Market Prices :-
Spot buying interest by the processors, crop quality arrival concerns in Bihar, port buying conundrum and the prices trading at 60-70% discount versus same time last year are giving vibes in the market for an exciting season. We start the week with destination prices as below
Tamil Nadu :- Trucks 1450-1500,
Bangalore :- Trucks 1430-1450
Hyderabad :- trucks 1430-1450
Ahmedabad :- 1340-1370/1390 (super quality cargo buying)
Bihar :- 1420-1450 (Good Quality)High FD 1080-1100.
North :- 1450-1480
Sangli : -1370-1380/ Grit quality 1410-1425.
The market expects to trade in the range close to the above numbers and once the arrivals hits the market, will look to cater from thereon.
No trades, nothing to report.
International Market :-
Cbot dec contract is trading at 403 as of this report writing and the premiums in Argentina/Brazil/Ukraine are all trading very firm indicating limited to no offers in the market. The funds are also increasing their positions in Grains complex for both wheat and corn and all in all we can expect very firm levels coming in the next quarter for corn. The buyers especially in South Asia will have to wake up to this reality and move on accordingly.
Sensex and Nifty
On the financial factors, Sensex and Nifty closed higher by 448 points @ 40431 and nifty @ 11873 higher by 110 points. Rupee closed at 73.30. Currency is trading in range bound manner and financial markets chasing recovery in the markets.
No heavy rains in the maize growing regions this week except parts of south Karnataka and some areas of Telangana where crop acreage is lower this year. It indicates to better harvesting during the week and post Dusshera we should see decent arrivals build up in the market yards/regions.