Mixed reaction on Commodities in India
Maize prices in India are lower than last week by about 1% at the market yard, reaching Rs.6700 per MT. The prices are still higher than last year by 11.5%, when in the first week of Oct the prices were Rs.6010 per MT at the market yard. Some arrivals have started in Karnataka and Nizamabad and there are reports of some consolidation on export of maize from India to South East Asia, quality concerns with the buyers are a major issue.
Pearl Millet (Bajra) prices have risen by about 7.4% over last week to Rs.6900 per MT. The prices are also higher than last year by 1.8% and against maize the prices are higher by 3%. Even though new crop has started to arrive, prices are going upward.
Sorghum (Jowar) prices have slumped by 9% over last week to Rs.8700 per MT. Against last year the prices are high by 22% and against maize the prices are higher by 30%.
Barley prices have shot through the roof and are up again this week by another 6.4% reaching over Rs.10500 per MT at the market yard. The prices are higher than last year by over 46% and the availability is getting tight day by day. Some of the buyers are of the view that FOB value at Kandla Rs.13,500 ($337) per MT is also feasible as the prices in other parts of the world are much higher. Until last week, US feed barley was offered at $350 (FOB, PNW), if that is any indication. In the long run, will Indian malting companies be able to get any barley from India or import at a higher price will be the only option.
Corn prices of CBOT softened and Dec corn dropped to $134.71 per MT, down from $146.84 per MT of last week close, lower by 8.26%. March corn also closed lower by 7.75% to 141.33 per MT.
The new report from Informa estimates the production of corn in US at 343 MMT against USDA estimate of 338 MMT.
Feed Grain Shortage in EU and short corn crop in China
USGC assessments indicate that there is likely to be a severe feed grain shortage in EU in coming years due to natural calamities and increasing demand. EU is currently buying Sorghum for feeding its livestock. For the year 2007/08 this could be as high as at 3-4 MMT for whole of EU.
USGC report from China indicate a corn crop of 139 MMT, about 6.5 MMT lower than last year's crop of 145.5 MMT. Though government figures indicate a crop of 149 MMT. Other private agencies have estimated a crop at 135 MMT, much lower than USGC estimates.
What can biotech do for the consumer?
While there have been discussions related to benefits of the technology for the farmers in the development world, Indian farmers have accepted the technology and more and more farmers are using the technology produce more and live a better life. They are also helping the environment and themselves by using less pesticides. But in all this there is also talk that the technology is only for the farmers and not for the consumers. As we move forward, there are products that are in the market or will be in the market soon that will be much safer, thanks to biotechnology.
Not only is biotechnology being used to produce more food, the technology is being used to produce better, healthier, more nutritious and tasting and safe food for the human race.
New products that are likely to be on the shelves soon include:
Golden Rice, fortified with beta-carotene that stimulates the production of vitamin A in the human body. Specially for those children who suffer from Night Blindness and often lose sight early in life.
A tomato with three times more beneficial lycopene than conventional varieties. Lycopene protects human tissue and could help prevent breast and prostate cancers as well as heart disease.
New cooking oils made from canola, corn and soybeans that contain up to 10 times more healthful vitamin E. Researchers believe vitamin E can lower the risk of cardiovascular disease and some cancers.
Plant based vaccines, made from crops such as banana or potato — which are then pulverized and administered in pill form. Researchers have developed a vaccine for hepatitis B that is similar to a traditional vaccine but can be produced by a banana for a fraction of the cost.
Food with fewer allergens. Researchers are working to reduce the allergens in rice, wheat, peanuts so as more people can enjoy these foods
There are organization which have attested to the safety of foods developed using biotechnology:
The American College of Nutrition "supports the use of biotechnology to develop food crops that contribute to global food security and enhance the safety and nutritional value of the food supply."
The American Medical Association, which recognized the "many potential benefits offered by genetically modified crops and foods … and encourages ongoing research developments in food biotechnology."
The international Society of Toxicology says "there is no reason to suppose that the process of food production through biotechnology leads to risks of a different nature than those … created by conventional breeding."
The General Accounting Office, the investigative arm of the U.S. Congress — says "biotechnology experts believe that the current regimen of tests has been adequate for ensuring that GM foods marketed to consumers are as safe as conventional foods."
The World Health Organization, which said "the benefits of biotechnology are many," including improved production and reduced pesticide use, and promise "major improvements in both food quality and nutrition."
Themajor concern most people have is that biotechnology has a potential to introduce allergens into the food supply, reports indicate that the technology will help reduce allergens in foods and reduce allergic reactions, which effect more than 50 million people worldwide.
(with inputs from whybiotech.com)
Amit Sachdev
Indian Representative
U S Grains Council
E Mail:
bluecross303@gmail.com
