Today we have AP tender for 85k Mt, last tender prices were not approved by the government, today we see numbers from 1250-1320 in this tender, again not sure if the government will release cargo at these levels. No update received from Telangana govt tender cargo till date. Spot buying continues for the local processors, Good quality cargo is commanding a premium. The rains could lead to extended demand coverage from the local processors. Destination market prices are as below
Tamil Nadu :- Trucks 1400-1470,
Bangalore :- Trucks 1420-1430
Hyderabad :- trucks 1430-1450
Ahmedabad :- 1340-1370/1390 (super quality cargo buying)
Bihar :- 1420-1450 (Good Quality)High FD 1080-1100.
North :- 1350-1400
Sangli : -1370-1380/ Grit quality 1410-1425.
No Trades on the exchange, nothing to report.
International Market :-
US/SOAM grains and oilseeds markets are very firm post the Friday report. Destinations markets are still figuring out what went wrong so quickly and the prices have moved on considerably. Cbot Dec contract is trading at 398.6 cents/bushel and inching towards the 400 cents/bushel market. Premiums in SOAM/US are also trading firm and we could see that in the flat price destination markets numbers this week.
The key for Indian maize markets is the weather forecast for next week in Maharashtra/ regions of north and south Karnataka/Orissa region. MP chindwara region received light rains yesterday and so was the case with Marathwada region. The prima facie impact is the delay in the arrivals as till now we have not received any news for crop losses due to this current rains. The rains are slated from 14-16 October as per our weathermen.