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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."
Indian exports are expected to reach around 2.6 million tonnes in 2021, the highest in
seven years, traders and analysts estimated.
However, total Indian corn supplies are likely to be limited by competition from other
crops.
"Farmers are likely to reduce area under corn crop this year as soybeans and pulses
are giving them better returns. If that happens, surplus for exports will be limited," said a
second Mumbai-based grains dealer.
(Reporting by Naveen Thukral in Singapore and Rajendra Jadhev in Mumbai; Editing by
Christian Schmollinger)
- 104 -
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."
Indian exports are expected to reach around 2.6 million tonnes in 2021, the highest in
seven years, traders and analysts estimated.
However, total Indian corn supplies are likely to be limited by competition from other
crops.
"Farmers are likely to reduce area under corn crop this year as soybeans and pulses
are giving them better returns. If that happens, surplus for exports will be limited," said a
second Mumbai-based grains dealer.
(Reporting by Naveen Thukral in Singapore and Rajendra Jadhev in Mumbai; Editing by
Christian Schmollinger)
- 104 -
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