SPOT prices see red, futures up for maize

SPOT prices see red, futures up for maize

Maize price were down by 1.5% to Rs.9160 per MT, but prices remained higher by 10.2% against last year. Prices were down in Andhra Pradesh by 0.9% to Rs.8645 per MT; Karnataka by 1.6% to Rs,8425 per MT; Maharashtra 2.7% to Rs.8400 per MT and was up in Gujarat by 3.34% to Rs.10110 per MT; Rajasthan by 4% to Rs.10083 per MT and Uttar Pradesh by 3.63% to Rs.10430 per MT.

In the futures market the prices were up for all contracts. Feb up by 1.71% to Rs.8900 per MT; Mar up by 1.73% to 9085 per MT; Apr by 1.53% to RS.9240 per MT and May by 1.51% to Rs.9390 per MT. June contact closed at Rs.9590 per MT. In the spot markets though the prices were down in Nizamabad by 0.41% to RS.8852 and o.41% in Karimnagar to Rs.8711 per MT. Prices were up in Davangere by 1.11%.

Pearl Millet prices were up by 3.3% to Rs.9938 per MT, but were higher than last leat by 19.8%. The prices are also higher than last year by 7.8%.

Sorghum prices moved up by 1.4% to Rs.1039 per MT, but are 1% lower than last year. However prices are higher than maize by 15.5%.

Barley prices were down by 13.5% to Rs.8661 per MT, but were higher than last year by 7.2%.In the futures market prices remained more or less stable but in the spot market of Jaipur prices were down by 0.37% to Rs.9265 per MT.

Corn prices on CBOT moved up for the three contracts. Mar up by 3.97% to $142.11 per MT; Mat 1.47% to $146.99 per MT and July 3.6% to $151.32 per MT. FOB prices (US Gulf) were more or less stable at $167/168 per Mt for Feb-April and FOB PNW was up to $193/198 for the period Feb-April.

USDA’s WASDE report increased U.S. corn use for ethanol by 2.54 and export by 1.143 dropping end stocks by 1.143 MMT. The world stocks were also cut by 2.15 MMT

DDGS prices on FOB basis have gone up for Feb ($163 pr MT), but down for other months to $155 (Mar) and $145 for April. CNF price to China was stable at $239 per MT.

Freight rates have dropped as the Chinese new year has started and the festivities will be on for next 15 days. Gulf-Japan benchmark was down by $2 per Mt to $61 per Mt and also for PNW-Japan down to $35 per MT.

Amit Sachdev, India Representative, U S Grains Council. E mail: usgcindia@gmail.com