Maize prices slid by 2.1% at the market yard this week and averaged Rs.9138 ($ 198) per MT. The prices though are higher than last year by 9.9%. The average prices some states were down including Andhra Pradesh by 0.75% to Rs.8635 ($187) per MT; Gujarat by 1.2% to Rs.10185 ($221) per MT; Maharashtra by 2.5% to Rs.8400 ($ 182) and Rajasthan by 10.6% to Rs.9620 ($208) per MT. Prices were reported to be up in Karnataka by 3% to Rs.8676 ($188) per MT; Tamil nadu by 1.4% to Rs.8730 ($189) per MT and Uttar Pradesh by 1.6% to Rs.10085 ($219) per MT. The average price of maize for Jan 2010 was Rs.9278 ($201) per MT, 16.34% higher than Jan 2009, but 1% lower than Dec 2009 prices at the market yard.
In the futures market as well, prices fell by mire that 4% for some contracts. Feb contract down by 3.84% to Rs.8875 ($192) per MT; Mar down 3.9% to Rs.9030 ($196) per MT; Apr down 4.46% to Rs.9170 ($199) per MT and May down 3.3% to Rs.9350 ($203) per MT. In the spot markets as well, prices have stumbled, but not by the above levels. Nizamabad down 1.64% to Rs.8904 ($193) per MT, Karimnagar down 0.17% to Rs.8735 ($189) per MT. Davangere (Karnataka) was the only market, where spot market prices were up by 0.69% to Rs.9127 ($198) per MT.
Pearl Millet (Bajra) prices also slid at the market yard by 4.1% reaching Rs.9609 per MT. The prices are higher than last year by 15.5%. The prices are higher than maize by 4.9%. The average price of Pearl Millet for Jan 2010 was Rs.10012 per MT, 26.9% higher than Jan 2009, but 0.76% lower than the prices in Dec 2009.
Sorghum (Jowar) prices slid by 3.8% at the Market yard reaching Rs.10916 per MT. Prices are higher than last year by 10.4% and also higher than maize by 16.3%. The average prices of Sorghum in Jan 2010 was Rs.11237 per MT, 20.32% higher than the price in Jan 2009, but 10.9% lower than the price in Dec 2009.
All coarse cereals prices have remained subdued in Jan 2009 as the deliveries were better in the month due to delayed harvest (Nov 2009).
Barley prices shot up by 5.4% for this week to Rs.9436 per MT. Prices are higher than last year by 5.1%. The average price of Barley for Jan 2010 was Rs.9300 per MT, about 4.26% higher than Jan 2009 and also 6.32% higher than Dec 2009 prices. India produced only one crop for barley and the new crop will be arriving the markets in Mar/April.
In the futures market though Barley prices moved lower in anticipation of a good crop. Apr contract down 1.23% to 9602 per MT; May down 4% to Rs.9760 per MT and Jun down 4.76% to Rs.10000 per MT. In the spot market at Jaipur, prices were down by 0.63% to Rs.9291 per MT. In the US market, feed barley was indicated at $215 per MT FOB US Gulf.
On CBOT, corn prices were down by the end of the week, after starting at a high at the start of the week. Prices ended lower for all near contracts, Mar down 2.36% to $140.14 per MT; May down 2.14% to $144.47 per MT and Jul down 2.07% to $148.81 per MT. Prices FOB US Gulf were indicated at $169 for Feb; $165 for Mar; $166 for April and $167 for May 2010. FOB PNW prices were indicated at $189 – 192 per Mt for the same period.
DDGS prices have remained almost same as last week in the US. FOB Guld prices are indicative at $155 per Mt for Feb, while $149 per Mt for Mar 2010. CNF prices to SEA region (Vietnam) were indicated at $236 per MT.
Freight rates are down slightly, mainly due to reports that the credit squeeze will be announced in China soon. US Gulf-Japan was down to $68.50 per MT, while PNW-Japan was down to $38 per MT.
Amit Sachdev, India Representative, U S Grains Council. Email: usgcindia@gmail.com
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