Coarse grains prices move up slightly
Maize prices moved up by about 6% against last week, averaging Rs.8500 per MT at the market yard. The prices were about 21% higher than last week and also were about Rs.100 above the Minimum Support Price of Rs.8400 announced by GOI.
The future prices of maize on NCDEX were up slightly against last week. SPOT prices were stable/similar to last week at all locations but at Davangere the prices were reported to be up by 1.5% to Rs.8800 per MT.
Pearl Millet (Bajra), prices remained stable at about Rs.7800 per MT, but were up by about 12% higher than last year’s prices. The prices for pearl Millet were about 8.8% lower than maize prices at the market yard.
Sorghum (Jowar) prices added 2.2% to the tally, moving to Rs.9290 per MT. The prices were only 2.6% higher than last year’s prices. Against maize the prices are about 8.3% higher at the market yard.
Barley prices have also moved up this week, adding 2.3% (Rs.300) to the tally. Barley was offered at the market yard at Rs.9300 per MT. The price remains 9.5% lower than last year’s prices. In the Spot market at Jaipur, prices were reported to be about 2.2% lower over last week to 10,650 per MT.
Corn prices on CBOT crashed by about 11% this week against last week values. Dec corn was traded at $133.22, while March corn at $ 139.44. One of the reasons attributed to the lower prices is a general erosion of demand of corn as cheap feed wheat from the Black Sea Region and Western Europe becomes available in the international markets. The lower prices from US will also put pressure on Indian corn exports.
Malting Barley prices in US in Great falls and Minneapolis were $198.8 and $215.29 per MT. There are reports that Saudi Arabia will reduce import subsidies on barley imports due to declining world prices. Saudi Arabia uses imported barley to feed animals, especially sheep, goat and camels, which are with the Bedouins (farmers). Western Australia is all set to produce a barley crop of 2.5 MMT, which is second only to the 2003-04 crop, but lower than had been expected in September.
GSM credit program from USDA
The United States Department of Agriculture (USDA) recently announced $3.5 billion in credit guarantees for the 2009 fiscal year. In these times of crisis when countries are facing liquidity crunch, the USDA’s Commodity Credit Corporation (CCC) administers export credit guarantees for commercial financing of U.S. agricultural exports.
The export Credit Guarantee Program (GSM-102) covers credit terms up to three years. GSM-102 underwrites credit extended by the private banking sector in the United States to approved foreign banks using letters of credit to pay for food and agricultural products sold to foreign buyers. GSM-102 mandates the overseas buyers to purchase the needed commodities from the United States.
The details about the program can be downloaded from the link below.
http://www.fas.usda.gov/excredits/english.html
CO Bank is the authorized bank in the US and details can be checked on its website.
http://www.cobank.com/
It may be noted that DDGS is a U.S. Commodity acceptable under this program.
Maize prices moved up by about 6% against last week, averaging Rs.8500 per MT at the market yard. The prices were about 21% higher than last week and also were about Rs.100 above the Minimum Support Price of Rs.8400 announced by GOI.
The future prices of maize on NCDEX were up slightly against last week. SPOT prices were stable/similar to last week at all locations but at Davangere the prices were reported to be up by 1.5% to Rs.8800 per MT.
Pearl Millet (Bajra), prices remained stable at about Rs.7800 per MT, but were up by about 12% higher than last year’s prices. The prices for pearl Millet were about 8.8% lower than maize prices at the market yard.
Sorghum (Jowar) prices added 2.2% to the tally, moving to Rs.9290 per MT. The prices were only 2.6% higher than last year’s prices. Against maize the prices are about 8.3% higher at the market yard.
Barley prices have also moved up this week, adding 2.3% (Rs.300) to the tally. Barley was offered at the market yard at Rs.9300 per MT. The price remains 9.5% lower than last year’s prices. In the Spot market at Jaipur, prices were reported to be about 2.2% lower over last week to 10,650 per MT.
Corn prices on CBOT crashed by about 11% this week against last week values. Dec corn was traded at $133.22, while March corn at $ 139.44. One of the reasons attributed to the lower prices is a general erosion of demand of corn as cheap feed wheat from the Black Sea Region and Western Europe becomes available in the international markets. The lower prices from US will also put pressure on Indian corn exports.
Malting Barley prices in US in Great falls and Minneapolis were $198.8 and $215.29 per MT. There are reports that Saudi Arabia will reduce import subsidies on barley imports due to declining world prices. Saudi Arabia uses imported barley to feed animals, especially sheep, goat and camels, which are with the Bedouins (farmers). Western Australia is all set to produce a barley crop of 2.5 MMT, which is second only to the 2003-04 crop, but lower than had been expected in September.
GSM credit program from USDA
The United States Department of Agriculture (USDA) recently announced $3.5 billion in credit guarantees for the 2009 fiscal year. In these times of crisis when countries are facing liquidity crunch, the USDA’s Commodity Credit Corporation (CCC) administers export credit guarantees for commercial financing of U.S. agricultural exports.
The export Credit Guarantee Program (GSM-102) covers credit terms up to three years. GSM-102 underwrites credit extended by the private banking sector in the United States to approved foreign banks using letters of credit to pay for food and agricultural products sold to foreign buyers. GSM-102 mandates the overseas buyers to purchase the needed commodities from the United States.
The details about the program can be downloaded from the link below.
http://www.fas.usda.gov/excredits/english.html
CO Bank is the authorized bank in the US and details can be checked on its website.
http://www.cobank.com/
It may be noted that DDGS is a U.S. Commodity acceptable under this program.
Amit Sachdev
India Representative
U S Grains Council
bluecross303@gmail.com
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