Price stable in India for last two weeks; Prices slide lower in US

Average maize price at the market yard were Rs.10163 per MT and since last week of Oct 2011 have been at this level, making it easy for the endusers to take a call on buying. The deliveries to the market yard are good and easy, keeping the prices stable. While some markets did see a drop in prices against last week, prices have been more of less stable since the start of the month. Prices in Andhra Pradesh, close to Rs.9900 per MT; Gujarat  close to Rs.10900 – 11100 per MT; Karnataka close to Rs.9900 per MT. In the start of the month, the prices were Rs.9600 per MT; Maharashtra Rs.9900 per MT; Madhya Pradesh ranges between a low of Rs.9400 per Mt to a high this week to Rs.10194 per MT; Rajasthan from Rs.9800 to Rs.10200 per MT; Tamil Nadu at Rs.10250 per MT and Uttar Pradesh at Rs.9800 per MT.

On NCDEX, prices for NOv contract that closed were up 0.6% to Rs.10850 per MT. Dec was stable at Rs.11100 per MT, while Jan contract was down 0.39% to Rs.11380 per MT and Feb contract up by 0.34% to Rs.11700 per MT. Spot prices was a mixed bag, Nizamabad up 1.66% to Rs.10638 per MT; Davangere down 1.64% to Rs.11040 per MT; Karimnagar stable at Rs.10440 per MT and Sangli down 3.05% to Rs.10440 per MT. Average delivery price to the endusers in most of the area is ranging between Rs.11000 – 11500 per MT in the last 3 weeks.

Pearl Millet prices were up 18.5% on an average at Rs.10957 per MT, up 18.8% against last year and higher than maize by 7.2%. Early nov, the prices were at Rs.9500 per MT and are now higher by approximately Rs.1500 per MT.

Sorghum prices were down 7.6% to Rs.15017 per MT this week, 21.4% higher than last year and 32.3% higher than maize. Since early Nov though, not much change from Rs.14800, but is was high at Rs.16250 per MT last week.

Barley prices were up by 7.7% this week to Rs.11067 per MT, down against last year by 4.2%. Prices were stable since early Nov ranging from Rs.10200 – Rs.10500 per MT. On NCDEX, Nov contract closed 1.04% down at Rs.11202 per MT; Dec up 1.37% to Rs.11800 per MT; Jan down 1.11% to Rs.11700 per MT. Spot prices at Jaipur at Rs.11631 per MT, down 1.43%.

Prices of Corn on CBOT down for the three contracts. Dec down 4.41% to $240.22 per MT; Mar down 4.56% to $243.29 per Mt and May down 4.58% to $245.81 per MT. While first week of Nov did not see a major change in the corn prices, last two weeks, the prices have been going down. Some analysts do believe that prices may have found a botton, specially Dec corn. The low prices are in line due to the world situation (Eurozone) and better for the end users in US and other parts of the world.

FOB prices (US Gulf) are indicated at $268 per MT, down $20 against last week. FOB PNW are indicated at $291-294 per MT, down at least $15 per MT against last week. DDGS market is tight and it shows on the current prices, which is indicated $289 per MT and for Jan prices on FOB basis (US Gulf) are indicated at $271 per MT. CNF prices for Vietnam were indicated at $324-319 per MT and China at $316-310 per MT.

The freight rates have also been stable. Current benchmark US Gulf – Japan is indicated at $57.50 per MT, while PNW – Japan is indicated at $32 per MT. US Gulf to China indicated at $56 per MT and PNW – China at $30 per Mt. Argentina-Brazil to China freight rate is indicated at $55 per MT.

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

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