Maize prices move up in India
Maize prices in the Indian market moved up steadily. At the start of the month the prices at the market yard averaged Rs.7100 per MT, and 2 weeks down the line the prices moved up to Rs.7500 per MT, an increase of 5.6% over a two week period. The prices have risen across the board and even in Andhra Pradesh, Tamil Nadu where new crop is being harvested. In Rajasthan and Gujarat the prices at the market yard touched Rs.8600 per MT at the market yard. Delivered prices in India are ranging from Rs.8600 - 9650 depending on area of delivery.
The prices at CBOT softened quite a bit this week. May prices on April 20 were down at $141.92 from $145 on April 13, while July prices were $146.45 & $150.19 for the same dates.
FOB values corn (US gulf) were down for May delivery to $ 154.90, June delivery was down to $158.25. The average FOB values ranged from $155 - 160 per MT.
With the Indian Rupee appreciating against the dollar (Rs.45 to Rs.42.5), it just might be feasible to import corn and bring that gap between supply & demand. As the prices move up and supplies dwindle, the prices will certainly go up.
Corn harvest in South Africa is expected to be 6.40 MMT, slighltly higher than earlier estimates, while in Argentina the production is estimated at 22 MMT by the Government. By last week the harvest was about 30% complete and if any wet weather does not come in, the harvest will go as per the scehedule.
Highest Ever Corn Production Estimated in US
Profarmer, a US consulting company based on certain scenrios has projected a highest ever corn crop in the US in 2007/08. The three scenarios presented at Best (B), Medium (M) and Worst (W), project the production to be at 343 MMT at the highest and 297 MMT at the worst point.
The total domestic corn usage is expected to move to 260 - 263 MMT in 2007/08, up from 238 MMT in 2006/07, with the major share comming from Ethanol production, up from 54 MMT in 2006/07.
While certain people do admit that the area under corn in the US will be the higest at 90.45 million acres, the productivity will be subject of debate due to the prevailing weather conditions and the pace of planting. The last report available put the planting at 4%, against 8% done in 2006/07 during the same period.
Amit Sachdev
Representative
U S Grains Council
bluecross303@gmail.com
Maize prices in the Indian market moved up steadily. At the start of the month the prices at the market yard averaged Rs.7100 per MT, and 2 weeks down the line the prices moved up to Rs.7500 per MT, an increase of 5.6% over a two week period. The prices have risen across the board and even in Andhra Pradesh, Tamil Nadu where new crop is being harvested. In Rajasthan and Gujarat the prices at the market yard touched Rs.8600 per MT at the market yard. Delivered prices in India are ranging from Rs.8600 - 9650 depending on area of delivery.
The prices at CBOT softened quite a bit this week. May prices on April 20 were down at $141.92 from $145 on April 13, while July prices were $146.45 & $150.19 for the same dates.
FOB values corn (US gulf) were down for May delivery to $ 154.90, June delivery was down to $158.25. The average FOB values ranged from $155 - 160 per MT.
With the Indian Rupee appreciating against the dollar (Rs.45 to Rs.42.5), it just might be feasible to import corn and bring that gap between supply & demand. As the prices move up and supplies dwindle, the prices will certainly go up.
Corn harvest in South Africa is expected to be 6.40 MMT, slighltly higher than earlier estimates, while in Argentina the production is estimated at 22 MMT by the Government. By last week the harvest was about 30% complete and if any wet weather does not come in, the harvest will go as per the scehedule.
Highest Ever Corn Production Estimated in US
Profarmer, a US consulting company based on certain scenrios has projected a highest ever corn crop in the US in 2007/08. The three scenarios presented at Best (B), Medium (M) and Worst (W), project the production to be at 343 MMT at the highest and 297 MMT at the worst point.The total domestic corn usage is expected to move to 260 - 263 MMT in 2007/08, up from 238 MMT in 2006/07, with the major share comming from Ethanol production, up from 54 MMT in 2006/07.
While certain people do admit that the area under corn in the US will be the higest at 90.45 million acres, the productivity will be subject of debate due to the prevailing weather conditions and the pace of planting. The last report available put the planting at 4%, against 8% done in 2006/07 during the same period.
Amit Sachdev
Representative
U S Grains Council
bluecross303@gmail.com
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