The Telangana government is considering tender for 8.4 Lac Mt on the 29th Sep. All this cargo if cleared will be in the market in Oct/Nov and once this cargo gets lifted up, local Telangana processors will have to seek corn from the other regions. We have inflated markets in southern India today and weaker markets in Maharashtra largely due to expectation of early crop arrivals. If the rains as mentioned above pours in, we might see more spot coverage in the markets. Destination market levels are as below
Tamil Nadu :- Rake 1400-1420, Trucks 1530-1600
Bangalore :- Rake 1400-20, Trucks 1450-1500
Hyderabad :- trucks 1520-1550
Ahmedabad :- 1370-80/14310-15 (super quality cargo buying)
Bihar :- 1190-1200 Rake point, 1330-1350 warehouse.
North :- 1360-1470 VS 1325-1425 (average to best quality prices ) cargo for Haryana/Punjab
Sangli : -1400-1420
No trades on exchange, nothing to report, Open interest for oct is at 60 mt and for sep is at 650 mt respectively. Spot prices are 1330 for gulabbagh.
We have strong rain forecast for the regions of Maharahtra, Karnataka and Telangana, MP and Rajasthan will have low rainfall during the next 4-5 days. These rains are likely expected to delay the crop arrivals in the markets.
Sensex and Nifty
Sensex and Nifty are trading strong after US market Pullback and strong show by Reliance for getting investment for retail business. Sensex and Nifty are trading at 570 and 150 points higher as of this report writing.