India maize prices up on international cues, export not feasible; World bought more DDGS in 2014, India’s neighbours bought over 25000 MT
Following international trends, India maize prices on the futures market tend to move up this week. But there is also the sentiment of low quality maize available at present and new maize from Rabi crop, mostly from Bihar and parts of Andhra Pradesh will become available only by end of Mar 2015/early April 2015. Feb contract up 0.6% to Rs.11730/MT; Mar up 0.33% to Rs.11990/MT; Apr up 0.40% to Rs.11010/MT; May up 0.18% to Rs.11070/MT. Jul contract quoted at Rs.11060/MT. All prices below the MSP of Rs.13100/MT. The spot markets were opposite and prices tended to move up a bit and deliveries in key markets dry up. Nizamabad up 0.5% to Rs.12550/MT; Karimnagar up 2.09% to RS.2.09%. Davangere was up 1.97% as Karnataka is the only state here Maize is available at this point. Bihar corn grows strong and is expected that the arrivals will be a bit early. Farmers are committed to sell immediately and could be expecting a better price than last year, when prices were ranging between Rs.10000-11000/MT at the market yard. Will need to wait for the actual arrivals so see the prices unfold.
Corn prices moved up in the US, possibly on the presumption that the farmers may not plant more corn in 2015, but it is too early to predict that and it will not be before Mar 2015 that the market will know the actual planting intentions. Mar contract up 4.22% to $151.80/MT; May up 4.12% to $155.11/MT and Jul up 3.99% to $158.02/MT. Corresponding FOB prices move up for the 3 month period for US Gulf and PNW and were indicated at $181/MT and $195-198/MT respectively. Corn from South America (Argentina) and Brazil remained the same at $180-186/MT and $176-181/MT respectively for the 3 month period on FOB basis. There was no change reported in Black Sea corn prices as well, which were indicated at $172-177/MT and is most competitive. Indian corn on FOB basis is valued at $215/MT.
DDGS prices remain competitive, but with Corn prices going up these could be subject to being revised upward. The only pressure point would be lower SBM prices, which could bring DDGS prices down. Current FOB prices are indicated at $271/MT (Gulf) and $264/MT. Comparative delivered prices to Vietnam and China were indicated at $320/MT and $300/MT respectively. New Export data from US reveals that the world bought 22% more DDGS for the period Jan-Dec 2014 than Jan – Dec 2013 and total sales were 10.59 MMT. Among India’s neighbors, Bangladesh bought the most, 16464 Metric Tons, 8% more than last year. Followed by Pakistan, which bought 4153 MT, Sri Lanka finished the year with 3689 Metric Tons and Myanmar (Burma) for the year purchased 1455 Metric Tons. The endusers in these countries have seen the value of DDGS in the respective feeds they manufacture and have used the ingredient to provide a balanced, reasonably priced feed to their farmers. This possibly also helped keeping the prices of meat, eggs and fish lower during some times and giving an option to the feed manufacturers use an ingredient that the world uses....................
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