Commodity prices remain low

Commodity prices remain low

Maize prices remained similar to last week at Rs.7137 per MT, but lower than last year prices by 3.5% at the market yard. Prices in India are stable as the buyers for exports are low. Sea freights have eased, making US corn competitive in the Asian markets. Price of maize in the future markets though have started to move up. Prices were up from 0.4 - 3.4% for Feb - May deliveries.

Pearl Millet prices at Rs.6423 per MT were lower than last week by 1.4% and lower by 4.1% over last year. Against maize the prices of pearl millet are lower by 10%, making it a material that can be used in poultry feeds, broiler and layer rations to reduce costs.

Sorghum prices at Rs.8914 per MT were lower than last week prices by 6.4%, but higher than last year by 3%. Against maize the prices are higher by 25%.

Barley prices at Rs.10454 per MT remained stable this week, but higher than last year by 23%. There are reports that companies may need to increase the prices of beer as the prices of malt have gone up.  The price of barley in the future market remained stable and were reported Rs.12240 per MT at jaipur market, higher than last week by 1.8%.

Corn prices on CBOT closed at $200 for Mar delivery and $205 per MT for May deliveries. Though India continues to export corn, based on previous contracts, current freight prices have made US corn more feasible in Asia. No new contracts are likley to be signed unless maize prices in India come down or freight prices are up.

Amit Sachdev
India Representative
U S Grains Council
bluecross303@gmail.com