As the maize arrival pick up from Bihar and other production centres including Maharashtra, the prices are stable and availability remains good. It is the start of the new season and due to no rains, the quality of maize being delivered is expected to be good. Maize prices in Bihar at the market yard is about INR 11750/MT and loaded to the train would be INR 12500/MT, delivered to Gujarat the prices are INR 14300/MT. Maharashtra maize too is available at about the same price locally and as the poultry industry moved to hatch holiday again in Maharashtra, Karnataka (at least by some of the hatcheries), the demand pick up is likely to be little slow over a period of time. The prices have been down in the spot markets. Nizamabad down 0.55% to INR 14340/MT; Davangere down 0.34%to INR 14700/MT; Karimnagar stable at INR 14600/MT; Gulabbagh down 13.19% to INR 12077/MT (at the NCDEX ware house).
In the US though, the market seems to understand that it just may not be possible to plant so much corn. This realisation made sure that the market moved up, stabilised. may contract was up 2.32% to $142.59/MT; Jul up 2.07% to $143.69/MT and Sep up 1.77% to $144.87/MT. The upward move in price of corn on CBOT did lead to some increase in FOB prices as well and were indicated at $164/MT (Apr) and down to $161/MT (Jun). CNF price to Asia region was indicated in the range of $195-200/MT for US corn. FOB prices at PNW were indicated at $165/MT. Argentine and Brazilian corn prices remained the same at $161 and $158/Mt respectively. Black seas corn was also stable at $163/MT (All prices on FOB basis, at respective ports).
Following the drop in corn prices in the first week of April, DDGS price were down by about $9/MT on FOB basis, indicated $162/MT (Apr) and $159/Mt (Jun) – US Gulf and PNW price indication was $180/MT (Apr) and $177/MT (Jun). Protein meal prices in India continue to increase and delivered price of SBM to feed millers in Gujarat and Coimbatore from the central locations (Indore) is about INR 41,000 – 43,000/MT ($612-641/MT). Against this US SBM is priced at $322 (FOB) and is being delivered to Asia at $360/MT (in bulk). US Soybean priced much lower at $357/Mt and could be delivered to Asian region at $400/MT.
Barley harvest in India is underway and prices have come down. At Jaipur the prices are $13500/Mt (at NCDEX warehouse) and at the market yard INR 13000/MT. US barley (feed) is indicated at $130/MT and Malting barley in Great falls is quoted at $200/MT.
The freight rates moved up slightly. The benchmark US Gulf-Japan freight rate was indicated at $24/ MT and PNW-Japan at $14.50/MT; US Gulf-China quoted at $23.25/MT and PNW-China at $13.50/MT. Argentina/Brazil to China indicated in the range of $27-15.75/MT.