Today we have AP tender for 1.25 Lac MT, results of Telangana tenders are awaited, Karnataka new crop arrivals have started coming into the market with high moisture and is trading at 1250-1270 farmer yard levels. The demand in continues to grow, buyers still prefer to remain spot based and with local prices up north starting trading higher for both Maize and Bajra. Government procurement news heard from AP and we will have to see if it comes for Maharashtra/Karnataka as well. Local warehouses are stuffed with wheat and it will be a challenge to get the same quantum of warehouses for stocking as was for last year. Product margins are improving, chick prices are also moving up and finally “AACHE DIN” are looking ahead for poultry people. Destination levels are as below
Tamil Nadu :- Trucks 1500-1540,
Bangalore :- Trucks 1450-1480
Hyderabad :- trucks 1490-1530
Ahmedabad :- 1340-1370/1390 (super quality cargo buying)
Bihar :- 1420-1450 (Good Quality) Average 1270-1290 Rail head. High FD 1120-1150.
North :- 1370-1420/1500 (average to best to absolute best quality prices ) cargo for Haryana/Punjab
Sangli : -1380-1400/ Grit quality 1450.
Oct traded 1290, with an open interest of 60 mt. Similar is stock in the exchange warehouse. Exchange spot price is being quoted as 1375.
International Market :-
Demand from Bangladesh continues to be there in the market. Higher South American/US crop prices gives advantage to procuring cargoes from India. Cbot Dec contract is trading at 381 cents/bushel. Amongst the commodity fall grains were most resilient and have started moving higher on weather concerns in south America/Ukraine and Russia. The WASDE report coming Friday will be watched will great interest as this will decide the momentum of the markets.
Sensex and nifty
Indian stock markets are trading at 38852 and 11462 for Sensex and nifty respectively as of this report writing. Rupee is trading at 73.37 versus Thursday close of 73.29.
We have clear weather for majority of maize growing regions except Orissa which expects light rainfall during the week. The weather is clear and should encourage harvesting from hereon.