Commodity prices move up in India
Corn prices were stable at Rs.7200 per MT, just about 1% lower than prices last year. Monthly average for Mar 2008 was Rs.7340 per MT, just about 1.2% higher than Mar 2007.
Pearl Millet (Bajra) prices were up this week to Rs.7300 per MT, adding 4% over last week’s prices. The prices were higher than last year’s prices by 14.3%. Pearl Millet prices moved up this week against maize and were up by 1.7%. Monthly average prices for Mar 2008 were Rs.7000 per MT, against Rs.6750 per MT, 3.8% higher.
Sorghum (Jowar) prices reached Rs.10500 per Mt this week, adding 4.9% over last week’s price. The price was 26.2% higher than last year. Monthly average for Sorghum was Rs.9750 per MT up from last year’s prices of Rs.8450 per MT, up 15.3%. Against maize, the prices this week are higher by 46.2%.
Barley prices this week at averaged Rs.9968 per MT at the market yard, 1% higher than last week and 28% higher than last year’s prices. Monthly average was Rs.10080 per MT, up from Rs.7950, an increase of 26.6% over last year’s prices.
Corn prices on CBOT moved up this week for $220 - 225 per MT for May - July delivery.
USGC completes corn PS&D Road Show in India
US Grains Council invited Dr.Simla Tokgoz, a Research Associate at Food Agriculture Policy Research Institute (FAPRI), at Iowa State University to provide an insight to the Indian end users sector on the corn supply and demand in India and the world market. Mr.Ken Wardsworth, farmer member of US Grains Council from Michigan State was also in India to provide an insight on US corn production and the planning process that goes into making planting decisions.
The team travelled to Ahmedabad, Bombay and Coimbatore this week to meet with the starch, poultry and feed sector and provide the supply demand information to them.
Dr.Simla Tokgoz, provided the historical and future prospective on corn production in US, China, Argentina, Ukraine, South Africa and Mexico. World supply and demand situation was discussed in detail. Dr.Simla and Mr.Wadsworth pointed out that US had enough corn to supply to the world needs even though there will be increased usage of corn in biofuels production following a mandate by US to produce 15 billion gallons (56.7 billion litres) by 2020. It was also pointed out that all is not wasted when biofuels are produced and DDG’s a co-product is also produced which is used by the livestock sector.
It was pointed out that the prices of corn are likley to remain high in midium to long term and the volatility in prices will be seen in short term.
Dr.Simla pointed out that China will not be in the market to sell corn in near future as local demand is growing much faster. Even in India the demand is growing as per the model created by FAPRI, in spite of the increased supply of corn domestically, India could be a net importer by 2015, due to increased demand from poultry, starch and dairy sector.
Dr.Simla argued that it wrong to point the finger to biofuels only for the increased commodity prices. Growth of economy in other countries also like China, India and Brazil in increasing demnd of commodities which is also playing a role in the increased prices.
A higher demand of meat milk and eggs by the high income middle class in India is a factor in this increased demand of corn in India, as more Indian people climb the ladder to prosperity, the demand will much higher.
It was also pointed out that the demand in other countries needs to be looked into like Brazil, where livestock production is increasing due to increased investments and export opportunities of value added products.
End users will need to change the way they do business and hedge in the futures to manage risks also will need to add different value added products in the portfolio to increase profitability.
The presenations made during the road show are available on request.
Amit Sachdev
India Representative
U S Grains Council
bluecross303@gmail.com
Corn prices were stable at Rs.7200 per MT, just about 1% lower than prices last year. Monthly average for Mar 2008 was Rs.7340 per MT, just about 1.2% higher than Mar 2007.
Pearl Millet (Bajra) prices were up this week to Rs.7300 per MT, adding 4% over last week’s prices. The prices were higher than last year’s prices by 14.3%. Pearl Millet prices moved up this week against maize and were up by 1.7%. Monthly average prices for Mar 2008 were Rs.7000 per MT, against Rs.6750 per MT, 3.8% higher.
Sorghum (Jowar) prices reached Rs.10500 per Mt this week, adding 4.9% over last week’s price. The price was 26.2% higher than last year. Monthly average for Sorghum was Rs.9750 per MT up from last year’s prices of Rs.8450 per MT, up 15.3%. Against maize, the prices this week are higher by 46.2%.
Barley prices this week at averaged Rs.9968 per MT at the market yard, 1% higher than last week and 28% higher than last year’s prices. Monthly average was Rs.10080 per MT, up from Rs.7950, an increase of 26.6% over last year’s prices.
Corn prices on CBOT moved up this week for $220 - 225 per MT for May - July delivery.
USGC completes corn PS&D Road Show in India
US Grains Council invited Dr.Simla Tokgoz, a Research Associate at Food Agriculture Policy Research Institute (FAPRI), at Iowa State University to provide an insight to the Indian end users sector on the corn supply and demand in India and the world market. Mr.Ken Wardsworth, farmer member of US Grains Council from Michigan State was also in India to provide an insight on US corn production and the planning process that goes into making planting decisions.
The team travelled to Ahmedabad, Bombay and Coimbatore this week to meet with the starch, poultry and feed sector and provide the supply demand information to them.
Dr.Simla Tokgoz, provided the historical and future prospective on corn production in US, China, Argentina, Ukraine, South Africa and Mexico. World supply and demand situation was discussed in detail. Dr.Simla and Mr.Wadsworth pointed out that US had enough corn to supply to the world needs even though there will be increased usage of corn in biofuels production following a mandate by US to produce 15 billion gallons (56.7 billion litres) by 2020. It was also pointed out that all is not wasted when biofuels are produced and DDG’s a co-product is also produced which is used by the livestock sector.
It was pointed out that the prices of corn are likley to remain high in midium to long term and the volatility in prices will be seen in short term.
Dr.Simla pointed out that China will not be in the market to sell corn in near future as local demand is growing much faster. Even in India the demand is growing as per the model created by FAPRI, in spite of the increased supply of corn domestically, India could be a net importer by 2015, due to increased demand from poultry, starch and dairy sector.
Dr.Simla argued that it wrong to point the finger to biofuels only for the increased commodity prices. Growth of economy in other countries also like China, India and Brazil in increasing demnd of commodities which is also playing a role in the increased prices.
A higher demand of meat milk and eggs by the high income middle class in India is a factor in this increased demand of corn in India, as more Indian people climb the ladder to prosperity, the demand will much higher.
It was also pointed out that the demand in other countries needs to be looked into like Brazil, where livestock production is increasing due to increased investments and export opportunities of value added products.
End users will need to change the way they do business and hedge in the futures to manage risks also will need to add different value added products in the portfolio to increase profitability.
The presenations made during the road show are available on request.
Amit Sachdev
India Representative
U S Grains Council
bluecross303@gmail.com
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