Commodity prices Stable
Commodity prices this week remained stable at last weeks values, though the rupee slid down from Rs.46 to Rs.43 against the US Dollar.
Corn price this week was slightly higher that last week by Rs.34 per ton and ended at Rs.5961 per MT, an increase of 0.57%. The prices are lower than last year’s price by Rs.244 per MT, almost 4%. This is mainly because of the lower demand from poultry sector for the time being. This demand is most likely to pick up as the placements get normal.
Pearl Millet prices were lower than last week by Rs.50 per MT at Rs.6282 per MT (0.78% loss), but the prices are still higher than last years prices by Rs.261 per MT, an increase of 4.33%.
Sorghum prices though this week slid down by Rs.954 per MT, losing 10.84%, ender at Rs.7855 per MT, the prices are still higher than last year’s prices by Rs.138 per MT (1.78%).
Barley prices slid this week by a record 20% (Rs.1859 per MT) ending at Rs.7378 per MT after a long time, but the prices are still higher than last year’s prices by 20%. Last year the prices were Rs.6116 per MT. Is may not be possible to reach the same level and the prices may remain higher.
Corn prices in US were $102 per Mt at CBOT, for July delivery, an increase of about $2 over last week's close ($100 per MT). Even at this price and with USD cheaper, it might ust be feasible to import corn in India, if the duty os removed. This will certainly help the end user sectors (like poultry) to come back as it has already suffered a loss in the hands of Avian Influenza.
Most of the country was lashed with rains this week, Kerala, Maharashtra, Parts of Haryana, Delhi and Punjab. This might help increasing the moisture levels, but the major concern will still be the rainfall in July and August, when the rains are much needed.
Indian Participation at CUTC
The National Corn Growers Association and U S Grains Council are organizing 5th Corn Utilization and Technology Conference in Dallas, Texas from June 05 – 07, 2006. The Indian team from the Starch Sector will be participating in the deliberations which are mainly on the issues of wet and dry milling and better yields, bio-tech and new traits.
After the event the team will be visiting ethanol plant, barge facility, a elevator in the countryside and also a corn farm, to see the system of operation and trade in US.
The national Corn Growers Association’s World of Corn for 2006 is out and can be found at the following link.
http://ncga.com/WorldOfCorn/main/WorldOfCorn2006.pdf
The World of Corn has all the information regarding corn production is US and its states, usage, exports. The information on various use of corn and its co-products can also be found in the book.
New Biotech Crops in the offing in India
The Genetic Engineering Approval Committee (GEAC) is likely to approve large scale field trials of GM Mustard and GM Potato, which have already undergone the field trails under controlled conditions. Another crop which is ready for the nod is BT Brinjal which might be cleared for trials in this Khariff Season.
With the three crops in the pipeline which would get approval for commercial sale in another 2 years if all goes well, the farmers will benefit by growing Bt Brinjal as it will reduce pesticide use and reduce the pests. Even the consumers will benefit as they would get a vegetable with less pesticide.
The potato will contact more protein while the mustard variety contains more oil and will help the farmers and oil sector (farmers will be able to sell mustard as a better price) and the oil sector will be able to get more oil. India is a oil deficient country and though it is a small step, it will certainly help part of the Indian population.
Amit Sachdev
Representative
U S Grains Council, India
bluecross303@gmail.com
Jun 03, 2006
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