Coarse grains prices move up
Coarse grains prices have moved up again this week in India. Even though there is a slow down and demand may be down, prices are not coming down.
Maize prices pan India average moved up by 1.6% against last week to Rs.8230 per MT at the market yard. On the average the prices may be less than the Minimum Support Prices (MSP) of Rs.8400 per MT, but in several markets prices are much higher than the MSP. The prices are 13.3% higher than the prices last year. Also prices are higher by 8.47% against prices in the first week of Jan 2009. The average price of maize in Jan 2009 at the Market yard is Rs.7975 per MT, which is 12.75% higher than Jan 2008. The price is also higher than Dec 2008 by 2%.
In the future markets, maize prices have slid down by 3-5% for Feb – Apr delivery, while in the spot markets, of Nizamabad and Karimnagar, prices moved up by 1.2% and 1.6% respectively.
Pearl Millet (Bajra) prices have also increased by 6.9% to Rs.8121 per MT. Added 5% since first week of Jan 2009. Against last year the price is higher by 19.8%. Against maize the price is lower by 1.4%. Jan 2008 average price of Pearl Millet at the market yard is Rs.7890 per MT, which is 19.5% higher than Jan 2008 average price and 3.2% higher than Dec 2008 price.
Grain Sorghum (Jowar) prices also moved higher by 3.8% to Rs.9776 per MT, added 10.35% since the first week of Jan 2009. Prices are higher than last year by 2.6% and 15.8% against maize. Average prices of sorghum for Jan 2009 is Rs.9339 per MT, just 1% lower than Jan 2008 price but 3.3% higher than Dec 2008 average.
Barley prices this week moved down on the average to Rs.8975 per MT against last week, but are higher than first week of Jan 2009 by 7.44%. The prices are 17% lower than last year’s prices. Jan 2009 prices averaged Rs.8920 per MT at the market yard, about 12% lower than Jan 2008, but 0.5% higher than Dec 2008 prices. GOI also declared the MSP for barley, which will now be Rs.6850 per MT, an increase of 5.3% against last year.
In the futures market, barley prices gained Rs.470 per MT, (+5.3%) for Apr delivery. Also in the spot market in Jaipur the prices moved up by 4% against last week.
Corn prices on CBOT for Mar delivery were down by 3% to $149.20, May delivery down by 2.79% to $153.61. The FOB value of corn (US Gulf) for Mar – May is indicated at $174-175 per MT. Based on the freight costs, the corresponding CNF value of corn in the region (SEA/India) would be $200 – 205 per MT for May-July period, taking 45-60 days delivery period.
New labeling law for processed chicken
The new labeling law notified under the Food Safety And Standards Authority (FSSA), will be a boon for the chicken processing sector. Based on the new law, that becomes effective from Mar 19, 2009, processors will be able to put in “USE BY DATE” on processed chicken, though this would be only for those products that have a shelf life of less than 7 days.
The notification can be seen on the website of Ministry of Health and Family Welfare (follow the link below).
http://www.mohfw.nic.in/Noti%20664.pdf
The U S Grains Council, through its various discussions with the industry has been advocating the change in terminology from “date of manufacture/date of expiry” to “use by date.” While it is a step forward in India and will help the processors and consumers alike. In US the industry can use the terminology “Sell-By or Freeze by date”. This is only possible when the infrastructure is fool proof and there is a recall procedure. In additional it is important that the dealers and retailers are trained to handle the product.
Amit Sachdev
India Representative
U S Grains Council
usgcindia@gmail.com
Coarse grains prices have moved up again this week in India. Even though there is a slow down and demand may be down, prices are not coming down.
Maize prices pan India average moved up by 1.6% against last week to Rs.8230 per MT at the market yard. On the average the prices may be less than the Minimum Support Prices (MSP) of Rs.8400 per MT, but in several markets prices are much higher than the MSP. The prices are 13.3% higher than the prices last year. Also prices are higher by 8.47% against prices in the first week of Jan 2009. The average price of maize in Jan 2009 at the Market yard is Rs.7975 per MT, which is 12.75% higher than Jan 2008. The price is also higher than Dec 2008 by 2%.
In the future markets, maize prices have slid down by 3-5% for Feb – Apr delivery, while in the spot markets, of Nizamabad and Karimnagar, prices moved up by 1.2% and 1.6% respectively.
Pearl Millet (Bajra) prices have also increased by 6.9% to Rs.8121 per MT. Added 5% since first week of Jan 2009. Against last year the price is higher by 19.8%. Against maize the price is lower by 1.4%. Jan 2008 average price of Pearl Millet at the market yard is Rs.7890 per MT, which is 19.5% higher than Jan 2008 average price and 3.2% higher than Dec 2008 price.
Grain Sorghum (Jowar) prices also moved higher by 3.8% to Rs.9776 per MT, added 10.35% since the first week of Jan 2009. Prices are higher than last year by 2.6% and 15.8% against maize. Average prices of sorghum for Jan 2009 is Rs.9339 per MT, just 1% lower than Jan 2008 price but 3.3% higher than Dec 2008 average.
Barley prices this week moved down on the average to Rs.8975 per MT against last week, but are higher than first week of Jan 2009 by 7.44%. The prices are 17% lower than last year’s prices. Jan 2009 prices averaged Rs.8920 per MT at the market yard, about 12% lower than Jan 2008, but 0.5% higher than Dec 2008 prices. GOI also declared the MSP for barley, which will now be Rs.6850 per MT, an increase of 5.3% against last year.
In the futures market, barley prices gained Rs.470 per MT, (+5.3%) for Apr delivery. Also in the spot market in Jaipur the prices moved up by 4% against last week.
Corn prices on CBOT for Mar delivery were down by 3% to $149.20, May delivery down by 2.79% to $153.61. The FOB value of corn (US Gulf) for Mar – May is indicated at $174-175 per MT. Based on the freight costs, the corresponding CNF value of corn in the region (SEA/India) would be $200 – 205 per MT for May-July period, taking 45-60 days delivery period.
New labeling law for processed chicken
The new labeling law notified under the Food Safety And Standards Authority (FSSA), will be a boon for the chicken processing sector. Based on the new law, that becomes effective from Mar 19, 2009, processors will be able to put in “USE BY DATE” on processed chicken, though this would be only for those products that have a shelf life of less than 7 days.
The notification can be seen on the website of Ministry of Health and Family Welfare (follow the link below).
http://www.mohfw.nic.in/Noti%20664.pdf
The U S Grains Council, through its various discussions with the industry has been advocating the change in terminology from “date of manufacture/date of expiry” to “use by date.” While it is a step forward in India and will help the processors and consumers alike. In US the industry can use the terminology “Sell-By or Freeze by date”. This is only possible when the infrastructure is fool proof and there is a recall procedure. In additional it is important that the dealers and retailers are trained to handle the product.
Amit Sachdev
India Representative
U S Grains Council
usgcindia@gmail.com
1 comment:
I should notify my pal about your post.
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