Prices move up in India; Second largest corn crop expected in US
Maize prices moved up by about 1% at the market yard to Rs.9350 per MT on an average. Prices were higher than last year by about 7%. Average prices were higher in almost all production centers like Andhra Pradesh, up 3% tp Rs.8550 per MT; Gujarat up 3% to Rs.10166 per MT; Karnataka up 3.4% to Rs.9650 per MT; Mahrashtra up 2.3% to Rs.9300 per MT, Tamil Nadu up 0.7% to Rs.8640 per MT and Uttar Pradesh up 0.8% to Rs.9675 per MT. It was only in Rajasthan that the prices moved lower by 1% to Rs.10,400 per MT.
In the futures market, prices were down for the two contracts Sept down 1.6% to Rs.9430 per MT; Oct down 0.5% to Rs.8910 per MT. In the spot markets as well prices were sightly lower than last week. Nizamabad down 1.2% to Rs.9171 per MT; Karimnagar down 0.5% to Rs.8979 per MT and Davangere was up 2.2% to Rs.8725 per MT.
Pearl Millet price was down 2.7% at the market yard to Rs.8900 per MT, but remained higher than last year by 16.6%. Against maize price price were lower by 5%. For the Khariff season, Bajra has been planted on 6.89 Mill hac against 7.32 Mill hac in 2008/09. The land under Pearl Millet is lower than the normal area of 9.1 Mill Hac.
Sorghum prices moved up by 9.3% at the market yard to Rs.13050 per MT, about 26% higher than last year and 28.3% higher than maize. Area under sorghum for 2009/10 Khariff is 2.87 mill hac, slightly higher than 2.80 mill hac planted last year, but lower than the normal area of 4.2 Mill hac.
Barley prices at the market yard moved lower bt about 1% to Rs.8270 per MT and were lower than last year by 11.2%. In the futures markettoo, prices were lower. Sept down 1.5% to R.8720 per MT; Oct down 0.7% to Rs.9010 per MT and Dec up 0.3% to Rs.9252 per Mt. Apr contract was quoted at Rs.9150 per MT. In the jaipur spot market, prices were down by 0.5% to Rs.8470 per MT.
In the last one week Sep 3 - 9, 2009, the overall rainfall has been 21% higher than the average and almost the whole country has received the rainfall, which has provided much needed moisture to the soil. The rainfall is good for not only Khariff crops but also the Rabi crops that will be planted in Oct/Nov 2009. The overall deficit on rainfall is down to 20% for the period Jun 01 to Sept 09, 2009.
On CBOT the prices moved up by almost 5% for the near month contract. Sept $123.77 per MT, up 4.8%; Dec $125.97, up 4.57%; Mar $131.21 per MT, up 4.16%. FOB prices US Gulf were higher at $157/158 per MT for the period Sept/Nov 2009. For FOB PNW the prices were $188/189 per MT. Sorghum was indicated at $155 per MT (FOB US Gulf).
As per the new WASDE report, US is expecting a second highest coen crop of 13 billion bushels (330 MMT), and the productivity is expected at 4.11 MT/Acre. China on the other hand is facing a drough situation and the production is expected at 160 MMT. Trade is of the opinion that the production would be 150 MMT. The Chinese GOI has sold 1.86 MMT of corn in the open market and more will be sold in the near future. Over all corn production has been estimated lower and the world ending stocks have also been cut by 2 MMT.
DDGS prices (FOB US Gulf) were indicated at $133 - 148 per MT for the period Sept - Dec 2009, while the CNF price SEA region were indicated at $191 - 207 per Mt for the same period. The demand for DDGS is rising and the most recent buyers in the list is China. Corn Gluten Meal is trading at $585 per MT (FOB US Gulf).
The freight rates have been more or less stable, US Gulf - Japan $57 per Mt, while PNW - Japan $30 per MT. Argentina/Brazil to China at $43/44 per MT.
Amit Sachdev
India Representative
U S Grains Council
Email: usgcindia@gmail.com
Maize prices moved up by about 1% at the market yard to Rs.9350 per MT on an average. Prices were higher than last year by about 7%. Average prices were higher in almost all production centers like Andhra Pradesh, up 3% tp Rs.8550 per MT; Gujarat up 3% to Rs.10166 per MT; Karnataka up 3.4% to Rs.9650 per MT; Mahrashtra up 2.3% to Rs.9300 per MT, Tamil Nadu up 0.7% to Rs.8640 per MT and Uttar Pradesh up 0.8% to Rs.9675 per MT. It was only in Rajasthan that the prices moved lower by 1% to Rs.10,400 per MT.
In the futures market, prices were down for the two contracts Sept down 1.6% to Rs.9430 per MT; Oct down 0.5% to Rs.8910 per MT. In the spot markets as well prices were sightly lower than last week. Nizamabad down 1.2% to Rs.9171 per MT; Karimnagar down 0.5% to Rs.8979 per MT and Davangere was up 2.2% to Rs.8725 per MT.
Pearl Millet price was down 2.7% at the market yard to Rs.8900 per MT, but remained higher than last year by 16.6%. Against maize price price were lower by 5%. For the Khariff season, Bajra has been planted on 6.89 Mill hac against 7.32 Mill hac in 2008/09. The land under Pearl Millet is lower than the normal area of 9.1 Mill Hac.
Sorghum prices moved up by 9.3% at the market yard to Rs.13050 per MT, about 26% higher than last year and 28.3% higher than maize. Area under sorghum for 2009/10 Khariff is 2.87 mill hac, slightly higher than 2.80 mill hac planted last year, but lower than the normal area of 4.2 Mill hac.
Barley prices at the market yard moved lower bt about 1% to Rs.8270 per MT and were lower than last year by 11.2%. In the futures markettoo, prices were lower. Sept down 1.5% to R.8720 per MT; Oct down 0.7% to Rs.9010 per MT and Dec up 0.3% to Rs.9252 per Mt. Apr contract was quoted at Rs.9150 per MT. In the jaipur spot market, prices were down by 0.5% to Rs.8470 per MT.
In the last one week Sep 3 - 9, 2009, the overall rainfall has been 21% higher than the average and almost the whole country has received the rainfall, which has provided much needed moisture to the soil. The rainfall is good for not only Khariff crops but also the Rabi crops that will be planted in Oct/Nov 2009. The overall deficit on rainfall is down to 20% for the period Jun 01 to Sept 09, 2009.
On CBOT the prices moved up by almost 5% for the near month contract. Sept $123.77 per MT, up 4.8%; Dec $125.97, up 4.57%; Mar $131.21 per MT, up 4.16%. FOB prices US Gulf were higher at $157/158 per MT for the period Sept/Nov 2009. For FOB PNW the prices were $188/189 per MT. Sorghum was indicated at $155 per MT (FOB US Gulf).
As per the new WASDE report, US is expecting a second highest coen crop of 13 billion bushels (330 MMT), and the productivity is expected at 4.11 MT/Acre. China on the other hand is facing a drough situation and the production is expected at 160 MMT. Trade is of the opinion that the production would be 150 MMT. The Chinese GOI has sold 1.86 MMT of corn in the open market and more will be sold in the near future. Over all corn production has been estimated lower and the world ending stocks have also been cut by 2 MMT.
DDGS prices (FOB US Gulf) were indicated at $133 - 148 per MT for the period Sept - Dec 2009, while the CNF price SEA region were indicated at $191 - 207 per Mt for the same period. The demand for DDGS is rising and the most recent buyers in the list is China. Corn Gluten Meal is trading at $585 per MT (FOB US Gulf).
The freight rates have been more or less stable, US Gulf - Japan $57 per Mt, while PNW - Japan $30 per MT. Argentina/Brazil to China at $43/44 per MT.
Amit Sachdev
India Representative
U S Grains Council
Email: usgcindia@gmail.com
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