SEASON"S GREETINGS AND A HAPPY NEW YEAR.
May the new year bring prosperity, peace and happiness
Maize prices up in open market, slip in future markets
Maize prices moved up this week to Rs.9660 ($205) per Mt at the market yard on pan India average. Prices are higher than last year by 20.6%. Reports indicate prices are up in Rajasthan 5.48% to Rs.10480 ($223) per MT; Tamil Nadu 3.3% to Rs.8930 ($190) per Mt and Uttar Pradesh 0.16% to Rs.10250 ($218) per MT. Prices are stable in Karnataka and Maharashtra at Rs.8400 ($178) and 8700 ($185) per MT respectively and are down in Andhra Pradesh by 0.36% to Rs.8500 ($181) per Mt and in Gujarat 1.3% to Rs.10000 ($213) per MT. Arrivals are slow in Uttar Pradesh and the season is at its end. Buying is good from Maharashtra and Karnataka with endusers trying to cover as much as they can.
As the week ended, maize prices were down in the futures market (NCDEX) by 2- 2.6%. Jan down 1.9% to Rs.9740 ($207) per Mt; Feb down 2.64% to Rs.9920 ($211) per MT; Mar down 1.82% to Rs.10220 ($217) per MT and Apr down 1.21% to Rs.10580 ($225) per MT. In the spot markets as well, the prices were down by 1.2 – 2.5%. Nizamabad down by 1.36% to Rs.9343 ($199) per MT; Karimnagar down by 1.26% to Rs.9105 ($193) per MT and prices in Davangere down by 2.46% to Rs.9137 ($194) per MT.
Pearl Millet (Bajra) prices are stable at Rs.9890 ($210) per MT, about 21,6% higher than last year. Against last year prices are higher by 2.4%.
Sorghum (Jowar) prices have moved higher by 3.7% to Rs.13690 ($291) per MT and are about 40% higher than last year. The coarse cereals is just unaffordable for use in cattle / poultry feed and the pressure in on maize only to be used as a source of energy. The prices are higher than maize by 29.4% on an average.
Barley prices moved up by 9.8% this week to Rs.9300 ($198) per MT. Prices are higher than last year by 10.4%. In the futures market, prices were up a tad. April plus 0.5% to Rs.10340 ($220) per MT, and May up 0.86% to Rs.10448 ($222) per MT. While in Jaipur spot market, prices were stable at Rs.9417 ($200) per MT.
Corn harvest in US has been delayed and as on Dec 20, 2009 95% of the corn crop was harvested. Four states namely Kentucky, North Carolina, Tennessee and Texas have reported a 100 percent harvest and rest all are at 88 – 98%. North Dakota is the only state that is at 68% crop harvested and the harvest could well extend into spring.
On CBOT the prices moved up due to higher export buying, short week and delayed harvest. Mar contract closed at 160.77 per MT, up 2.71%; May was up 2.50% to $164.79 per MT and Jul was up 2.58% to $168.57%. FOB US gulf was indicated at $ $184/185 per Mt for Feb – Apr period and FOB PNW was indicated at $203-210 per MT.
The freight market has been more or less stable in this week, due to holiday season in most of the world, Gulf- Japan was indicated at $68 per MT, while PNW-Japan was indicated at $37 per MT, down by 0.50 per Mt on both the sectors.
Corn cob to ethanol – a new approach
Corn cob to ethanol is soon becoming a reality as a US based company, POET plans to set up a plant that would convert the cob into ethanol. This would be the a 94.5 mill liter plant when it start operations in 2011. The company has a pilot plant since 2008 and has produced ethanol from the cobs, which are otherwise a waste product. The US biofuels industry is moving toward cellulosic, as has been mandated, which all for 44% of ethanol (60.48 million liters of the 136.08 million liters) to be manufactured using cellulosic material by 2022.
New draft rules for registration and licensing for food businesses
The Food Safety and Standards Authority of India (FSSAI) has come out with the draft rules for registration and licensing of food business. The draft discusses the integration of the licensing provisions in the following Orders relating to food products
1. Fruit Products Order, 1955
2. Prevention of Food Adulteration Act, 1954
3. Milk and Milk Products Order, 1992
4. Vegetable Oil Products (Control) Order, 1947
5. Edible Oils Packaging (regulation ) Orders, 1998
6. The solvent Extracted Oil, De oiled Meal and Edible flour (Control) Order, 1967
7. Meat Food Products Orders, 1973
The draft sets a distinction has been introduced between ‘registration’ and ‘licensing’ and also has a separate set of sanitary and hygiene condition under the category. The link to the draft rules can be found on the FSSAI website http://www.fssai.gov.in/
Encourage everyone in food business to go through the rules and regulation and provide inputs to the authority.
Amit Sachdev, India Representative, U S Grains Council, Email: usgcindia@gmail.com
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