Corn on CBOT lost about 4% at the close of this week. The export numbers remain good and by Feb end, US farmers will also decide on the planting intentions. Mar down 4.29% to $145.66 per Mt; may down 4.25% to $148.97/MT and Jul down 4.12%to $151.96/MT. This has also resulted in FOB prices being adjusted lower and US Gulf FOB is indicated at $178/Mt for Feb, down to $174/MT in April. FOB (PNW) indicated at $189/MT in Feb and up $2/mT for April delivery to $191/MT. US corn remains the cheapest corn in the world market today and Indian corn cannot cannot complete at this point, unless prices drop.
Regional arrivals, specially in Karnataka continue and prices are in check. Current average Karnataka price is Rs.11175/MT and the Spot price at Davangere is quoted at Rs.11400/MT. This would make Indian corn price sat $212-215/MT (FOB). Deliveries in Andhra Pradesh, Telangana and Maharashtra have dried keeping prices over Rs.12500/MT in all these states. While Bihar is expected to produce a good crop, trade suggests a crop 5% lower than last year in Bihar and also in West Bengal as farmers have shifted to Wheat in some areas. Arrivals are expected in third week of Mar 2015 and temperature is just right for the crop to produce good grains.
International cues have put pressure on Indian corn futures which were down, Feb down 3.32%to Rs.11660/MT; Mar down 3.08%to Rs.11950/MT; Apr down 6.24% to Rs.10960/MT and May down 7.92%to Rs.11050/MT.
In the protein market, DDGS prices were also down and indicated at $269/MT (Feb), down to $259/MT (Apr) (US Gulf). FOB prices for PNW were indicated at $262/MT (Feb), and $259/MT (Apr).
Freight rates continue to decline and the benchmark US Gulf-japan freight was indicated at $28/MT. Similarly PNW-Japan freight indicate at $16/MT. US Gulf-China at $26/MT; PNW-China at $15/MT and Argentine-Brazil to China was indicated at $21.5/MT (Minimum) to a high of $28/MT......Amit Sachdev
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