Sowing Report :-
We have following areas reported for maize sowing, we are at 7.6 myn hectares versus 7.5 Myn of last year. This year the number is substantially down in Telangana and we have better numbers from Rajasthan, Punjab, MP, Jharkhand till now. This was expected due to lower price realisation by farmers in late kharif/Rabi harvest this year.
Market Prices :-
The Telangana tenders result is awaited today, market expects a reduced price bid this time around looking at Kharif crop prospect and reduced product prices. We have AP tender in two days time for 100k Mt and then further we will have regular tenders by Telangana and AP government. The market awaits the results. Markets very spot based and destination levels haven’t changed over the weekend.
Tamil Nadu :- Rake 1390- 1400, Trucks 1480-1520
Bangalore :- Rake 1390-1400, Trucks 1530-1565
Hyderabad :- trucks 1490-1520.
Ahmedabad :- 1300-1325/1370 (super quality cargo buying)
Bihar :- 1100-1120 Rake point, 1200-1220 warehouse.
North :- 1280-1300 UP cargo for Haryana/Punjab
Sangli : -1400-1420
No trades to report.
International Market :-
All the Analyst will have a special look at the USDA report this week, Market expects a record US crop but farmers not selling, nearby premiums firm and Bangladesh demand getting covered from India. Cbot December levels trading at 321 cents/bushel, these are the same levels which the markets were looking before the july rally in the market.
Our weathermen are reporting to have rains in regions of MP/UP/Bihar/West Bengal/Jharkhand/north and south Karnataka and light rainfall in the regions of Rajasthan and Maharashtra. We are at normal rainfall versus same time last year, last year rainfall was better distributed this year its not. We have shortfall in North West/Central regions of the country and have excess rainfall in south and East India.
Sensex and Nifty
Sensex and Nifty are trading higher by 300 and 100 points respectively, rupee is appreciating from Friday’s close and is trading at 74.91 as of this report writing. We have over 60k corona positive cases in a day and have reported 1000 deaths in the last 24 hours. We are in the unlockdown 3 phase and should be really careful regarding the same.