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Market News
African nations looks to buy small corn consignments from India.
Feb 23, 2023
India’s corn (maize) exports have slowed down a tad over the last few days but new demand has now emerged with a few African countries scouting for the coarse cereal, trade sources said.
'African countries, particularly in the east, are looking to source corn from India in view of low freight charges,' said a New Delhi-based trade analyst, without wishing to identify.
These countries, however, are seeking smaller lots, another area where India has an advantage since it can ship such consignments at a competitive price. Corn is sought for both food and feed purposes.
‘No direct enquiry’
'We have heard African countries are looking for Indian corn but we have not got any direct enquiry,' said New Delhi-based exporter Rajesh Paharia Jain.
'Usually, Dubai-based traders export to Africa. We hear the Africans want but no direct order has come to us,' said Mumbai-based MuBala Agro Director Mukesh Singh.
Though demand for Indian corn is good, deals have slowed down this week, traders said. 'Last week, we got good orders from Vietnam. This week, movement is slow,' said M Madan Prakash, Agri Commodities Exporters Association (ACEA) President.
Higher than MSP
This year, Indian corn has met with good demand from South-East Asia and Gulf countries in view of freight charges dropping. This has now encouraged African countries to source their needs from India. 'It makes sense to ship in containers as their charges have declined in view of a slowdown in the West,' said the analyst.
Indian corn is quoted at $308-311 a tonne to South-East Asia, while exporters are getting the commodity delivered at ports at Rs.23,000-24,000 a tonne.
The weighted average price of corn is Rs.2,163.77 a quintal currently against Rs.2,222.3 a week ago and Rs.1,921.76 during the same period a year ago. Prices are higher than the minimum support price of Rs.1,962 a quintal fixed for this crop year to June.
On the Chicago Board of Trade, corn ended at 680 cents a bushel ($266.7 a tonne) for delivery in May on Tuesday. Corn prices have gained over two per cent in February.
Record high output
'Prices have dropped for delivery at Tuticorin port as the crop harvested in Tamil Nadu has begun arriving,' said Prakash.
'Corn is a crop that is available round the year with harvest taking place in one State or the other. However, trade is flat in view of demand being slack now,' said Jain.
'Corn demand has been good for two months now. Some are still busy fulfilling the demand. With kharif arrivals almost over, some are doing with old stocks,' said Singh.
A record high kharif corn production, estimated at 34.61 million tonnes (mt) by the Ministry of Agriculture, has aided exports of the coarse cereal.
Lower global production
According to the International Grains Council (IGC), Argentina is quoting corn at $314 and Brazil at $310, while the US is offering at $300 (all free-on-board).
The IGC has forecast this year’s global corn production at 1,153 mt against 1,220 mt a year ago. The Food and Agriculture Organization has estimated it at 1,153 mt versus 1,211.8 mt. Production is lower this year as the crop has been affected in Europe, Russia and the US.
During the current fiscal, 19.53 lakh tonnes (lt) valued at $653.36 million have been exported during the April-November period of the current fiscal. In 2021–22, 36.90 lt were exported at a value of $1.02 billion.
Bangladesh is the largest importer of Indian corn during the period, buying 11.5 lt, while Nepal purchased 2.7 lt and Vietnam 2.3 lt during the period.
thehindubusinessline.com
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