News dalla rete ITA

11 Giugno 2021

India

INDIA'S BOOMING CORN EXPORTS AMID GLOBAL RALLY EASE SUPPLY WORRIES

India has stepped up corn exports as a rally in global prices to their highest since 2013 has made shipments from the South Asian country competitive, easing concerns about rising food inflation in Southeast Asia. Indian exporters have signed deals to sell around 400,000 tonnes of corn for shipment in June to July to animal feed producers in Vietnam, Malaysia, Sri Lanka and Bangladesh, according to two Singapore-based feed grain traders. Cheaper corn supplies from India would keep the cost of animal feed lower for consumers of meat and chicken in Asia, who are among the most vulnerable to high food prices. "India has been active with cargoes being shipped to Vietnam and Malaysia," said one of the sources, a Singapore-based trader at an international grains trading company. "Bangladesh and Sri Lanka have also been taking Indian corn. Now, there is interest from South Korea as well." The health of the U.S. corn crop, the world's biggest, is also being questioned amid hot and dry weather. Chicago corn futures have climbed more than 40% in 2021 as deteriorating U.S. crop conditions support prices. Traditionally, India has been a regular corn seller to Asian buyers, but rising domestic animal feed consumption curbed sales in recent years. "Until mid-2020 Indian prices were higher than global prices," said a Mumbai-based grains dealer at a global trading firm who booked corn shipments to Southeast Asia for March to May. "But due to the recent rally in global prices, Indian corn has become competitive in the world market. Local demand from the poultry industry is also a bit subdued because of the coronavirus outbreak. That is helping us to export more." (ICE NEW DELHI)


Fonte notizia: The Economic Times