Coarse grain prices down further
Maize prices slumped this week on slow demand from the industry and adequate supplies in the market. Pries were down by 1.7% this week to RS.8030 per MT at the market yard. The prices though were higher by 17.7% against lat year. Maize prices in the futures market were stable similar to last week’s level. In the SPOT markets though the prices were reported to be lower by 2.3% in Davangere to Rs.8920 per MT, 0.34% in Karimnagar to Rs.8680 per MT and 1.54% in Nizamabad to Rs.8690 per MT.
Pearl Millet prices were up by 10.4% against last week to Rs.7830 per MT at the market yard. Against last year, the prices were higher by 17% and against maize the prices are lower by 2.5%.
Sorghum prices remained stable at Rs.9090 per MT at the mark yard. The prices were down by about 4% against last year. Against maize, the prices were up by 11.7%.
Barley prices were down by 6% against last week, reaching Rs.9000 per MT. Against last year the prices are down by 23%. In the SPOT market though the price was up by 1.35% to 10890 per MT and in the futures also prices gained by 0.27 – 0.5% against last week for Nov – Dec delivery.
Exports of maize are slow, even after the 5% incentive (on FOB value) and the prices at the market yard reaching 5% lower than the Minimum Support Price (MSP) set by the government.
CNF prices of corn to Asia have dropped considerably and this has also affected exports from India. Apart from the drop in commodity prices in US, the bulk freight rates to Asia have dropped considerably. The benchmark US Gulf-Japan rate was quoted at $29 per MT, lower than the Sept 2003 level. The PNW-Japan freight was quoted at $19 per MT.
On CBOT corn pries moved up slightly. For Dec delivery, corn closed at $149.67 per MT, about $1.89 per MT higher than last week’s close. For Mar delivery as well the prices were $1.42 per MT higher than last week at $156.29. FOB valued for corn US Gulf were close to $169 – 172 per MT.
Dried Distiller Grains with Solubles (DDGS) prices continue to slide in the US. Current delivery prices to South East Asia are about $220 – 230 per MT.
Report indicates growth in Dairy in India
Food and Agriculture Policy Research Institute (IFPRI) in its world report on dairy has estimated than milk production in India will grow by 2.28% per annum from 101.6 MMT in 2007 to reach 120.20 by 2015. In 2007, cow milk constituted 42% (42.796 MMT) of the total milk and in 2015, cow milk will constitute only 38.9% (46.75 MMT) of the milk and cow milk production will grow at 1.15% per annum. Buffalo milk, which constitutes 58% (58.811 MMT) of the total milk production currently, will contribute 61.1% (73.456 MMT) of the milk in 2015 and buffalo milk production is estimated to grow at 3.11%.
Fluid milk consumption is estimated to grow at 3.28% per annum to reach 54.959 MMT by 2015 from 43.422 MMT. Currently 42.8% of the milk is consumed as fluid milk and by 2015 this will be 45.72% of the total milk production in India. Use of milk for manufacturing/value addition will grow by 1.54% per annum by 2015 to reach 65.2 MMT (54%).
The average milk production of animals in India is estimated to go up from current 1123 liters to 1161 liters per annum.
Amit Sachdev
India Representative
US Grains Council
bluecross303@gmail.com
Maize prices slumped this week on slow demand from the industry and adequate supplies in the market. Pries were down by 1.7% this week to RS.8030 per MT at the market yard. The prices though were higher by 17.7% against lat year. Maize prices in the futures market were stable similar to last week’s level. In the SPOT markets though the prices were reported to be lower by 2.3% in Davangere to Rs.8920 per MT, 0.34% in Karimnagar to Rs.8680 per MT and 1.54% in Nizamabad to Rs.8690 per MT.
Pearl Millet prices were up by 10.4% against last week to Rs.7830 per MT at the market yard. Against last year, the prices were higher by 17% and against maize the prices are lower by 2.5%.
Sorghum prices remained stable at Rs.9090 per MT at the mark yard. The prices were down by about 4% against last year. Against maize, the prices were up by 11.7%.
Barley prices were down by 6% against last week, reaching Rs.9000 per MT. Against last year the prices are down by 23%. In the SPOT market though the price was up by 1.35% to 10890 per MT and in the futures also prices gained by 0.27 – 0.5% against last week for Nov – Dec delivery.
Exports of maize are slow, even after the 5% incentive (on FOB value) and the prices at the market yard reaching 5% lower than the Minimum Support Price (MSP) set by the government.
CNF prices of corn to Asia have dropped considerably and this has also affected exports from India. Apart from the drop in commodity prices in US, the bulk freight rates to Asia have dropped considerably. The benchmark US Gulf-Japan rate was quoted at $29 per MT, lower than the Sept 2003 level. The PNW-Japan freight was quoted at $19 per MT.
On CBOT corn pries moved up slightly. For Dec delivery, corn closed at $149.67 per MT, about $1.89 per MT higher than last week’s close. For Mar delivery as well the prices were $1.42 per MT higher than last week at $156.29. FOB valued for corn US Gulf were close to $169 – 172 per MT.
Dried Distiller Grains with Solubles (DDGS) prices continue to slide in the US. Current delivery prices to South East Asia are about $220 – 230 per MT.
Report indicates growth in Dairy in India
Food and Agriculture Policy Research Institute (IFPRI) in its world report on dairy has estimated than milk production in India will grow by 2.28% per annum from 101.6 MMT in 2007 to reach 120.20 by 2015. In 2007, cow milk constituted 42% (42.796 MMT) of the total milk and in 2015, cow milk will constitute only 38.9% (46.75 MMT) of the milk and cow milk production will grow at 1.15% per annum. Buffalo milk, which constitutes 58% (58.811 MMT) of the total milk production currently, will contribute 61.1% (73.456 MMT) of the milk in 2015 and buffalo milk production is estimated to grow at 3.11%.
Fluid milk consumption is estimated to grow at 3.28% per annum to reach 54.959 MMT by 2015 from 43.422 MMT. Currently 42.8% of the milk is consumed as fluid milk and by 2015 this will be 45.72% of the total milk production in India. Use of milk for manufacturing/value addition will grow by 1.54% per annum by 2015 to reach 65.2 MMT (54%).
The average milk production of animals in India is estimated to go up from current 1123 liters to 1161 liters per annum.
Amit Sachdev
India Representative
US Grains Council
bluecross303@gmail.com
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