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India: As vegetable prices soar, fruit is cheap

Posted by Flora Sawita Labels: Fruit, India, Prices, Vegetable

As vegetable prices rise dramatically in Indian markets, there is some good news at least - seasonal fruits are becoming more affordable. This may change later on in the year as demand increases, but currently supply is good and prices are stable.

The wholesale market at Gultekdi Market Yard is getting good quantity of grapes, pomegranates, oranges, apples and chickoos. Nath Khaire, a fruit wholesaler, says,“We are getting regular and adequate supply of grapes, pomegranates and chickoos. Hence, the prices are under control.’’

In the retail market, grapes are being sold at prices in the range of Rs30 to 60 per kg depending on the quality. The rates of figs and pomegranates are in the range of Rs70 to 120 and Rs80 to 120 per kg respectively.

Smita Joshi, a local consumer, said, “Pineapples, oranges and apples are relatively cheap. Hence, we can afford to have good quality fruits for making salads or deserts.’’

However, the supply of Indian apples, grapes and pineapples may get reduced after a few days due to the hot weather. However, by then, the market will have an adequate supply of watermelons and mangoes. Khaire says at present, 30 to 40 boxes of mangoes are reaching Pune daily but the rate is still as high as Rs2,000 to Rs5,000 per box.

Price of wheat flour to go up by Rs 4 a kilo

Posted by Flora Sawita Labels: Flour, Pakistan, Prices, Wheat

Chairman of Pakistan Flour Mills Association Naeem Butt has said that Rs 100 per maund, about 40 kilogram would push the per kilogram price of wheat flour by Rs 4.

Chairman of Pakistan Flour Mills Association Naeem Butt has said that Rs 100 per maund, about 40 kilogram would push the per kilogram price of wheat flour by Rs 4.

Addressing a press conference in Lahore Naeem said that the unjustified increase in wheat price would push the price of 40 kilogram bag of wheat flour to Rs 700. This in turn, he added, would push the prices of all products wheat products and by-products too.

Naeem alleged that wheat price in Pakistan is the highest in the world.

He asked the government to take back the increase in the price of wheat immediately.

Price of wheat flour to go up by Rs 4 a kilo

Posted by Flora Sawita Labels: Flour, Pakistan, Prices, Wheat

Chairman of Pakistan Flour Mills Association Naeem Butt has said that Rs 100 per maund, about 40 kilogram would push the per kilogram price of wheat flour by Rs 4.

Chairman of Pakistan Flour Mills Association Naeem Butt has said that Rs 100 per maund, about 40 kilogram would push the per kilogram price of wheat flour by Rs 4.

Addressing a press conference in Lahore Naeem said that the unjustified increase in wheat price would push the price of 40 kilogram bag of wheat flour to Rs 700. This in turn, he added, would push the prices of all products wheat products and by-products too.

Naeem alleged that wheat price in Pakistan is the highest in the world.

He asked the government to take back the increase in the price of wheat immediately.

Beef demand key to cattle prices in 2012

Posted by Flora Sawita Labels: Beef, Cattle and Livestock, Meat, Prices

Beef and cattle prices increased to new record levels in 2011 and are expected to push even higher in 2012.

Several years of declining cattle inventories culminated in late 2011 with a projected 3.0 percent decrease in slaughter that combined with lighter carcass weights to result in a 3.8 percent less beef in the fourth quarter of 2011 compared to a year earlier. For 2012, slaughter is forecast to drop another 5-plus percent and, even with an expected increase in carcass weights, will result in a nearly 4 percent drop in beef production for the year. Decreasing beef production ensures that wholesale and retail beef prices will be pushed even higher in 2012. Cattle supplies that are even tighter, on a relative basis, likewise ensure that fed and feeder prices will be pushed to the limit and maintain strong negative pressure on feedlot, packing and retail margins. Weather conditions that determine whether the drought in the South continues or abates will determine whether feeder cattle supplies remain merely very tight or move to extremely tight should heifer retention accelerate in 2012.

While supply is clearly the main driver pushing cattle and beef prices upward, it is consumer beef demand that will determine just how far prices will go. It is not really a question of whether prices will be higher but rather a question of how much higher. Ignoring trade for a moment (though it continues to play an increasingly important role in the U.S. beef industry), it is domestic demand that is the biggest unknown in 2012. Consumer demand for beef (or indeed any product) is a combination of "willingness" and "ability" to purchase a given quantity of a product at a given price. Typically, when nothing else changes, consumers will pay higher prices when quantity is less and will only purchases greater quantities at lower prices. Declining beef production in 2012 already suggests higher prices for this reason.

However, other factors can change that affect the overall level of demand. Among the "willingness" factors for beef is the underlying desire that consumers have for beef or what are commonly referred to as the preferences for a product. There is no significant indication that consumer preferences for beef have declined. Even as consumers have been forced to adjust spending patterns in recent years (discussed below), beef preferences remain strong. However, beef is not one product but many different products and there are questions of whether consumer preferences have changed in terms of the mix of beef products desired. Steak, though still popular, may be viewed now by consumers as more of a special occasion meal, while ground beef demand continues to grow, including demand for premium ground beef products. It will take time before the extent and permanency of these apparent changes in preferences is determined.

Other short-run factors may also affect willingness to purchase beef products. Consumer decisions are driven by value, which is a combination of preferences and price of a product relative to other products that may be substitutes. In the case of beef, these are other meat products, mostly pork and poultry. Therefore, beef demand at any point in time, will be determined in part by the prices of pork and poultry relative to beef. In 2011, pork prices, like beef, moved to new record levels thus maintaining a relative balance between beef and pork prices. Through the first 11 months of 2011, retail beef and pork prices both increased about 10 percent year over year. During the same period, retail broiler prices increased only about 2 percent. This is another sign of strong beef preferences relative to chicken. Anticipated decreases in broiler production in 2012 should support broiler prices and provide additional support for higher beef prices.

Since 2008, the "ability" part of beef demand has played a bigger role in beef demand than for many years prior. The recession of 2008 and 2009 caused significant adjustments in consumer spending and may have permanently changed spending patterns. Macroeconomic measures provide a general backdrop for consumer spending ability. Post-recessionary GDP growth in 2010 was followed by weaker than expected growth in 2011in the U.S. economy and many other countries as well. The tsunami in Japan and the continuing fragile economic situation in the Euro area limited global growth. General expectations for 2012 are for continued anemic macroeconomic performance in the U.S. and most major developed and developing countries.

In the U.S., unemployment, though down from recessionary peaks, remains stubbornly high with little decrease through most of 2011. Inflation-adjusted personal disposable income decreased slightly from 2010 levels in the second and third quarters of 2011. Data for the fourth quarter are not yet available. However, personal savings rates, which jumped sharply during and immediately after the recession, fell back to a more modest level in late 2011 and likely supported additional consumer spending. Anecdotal indications of strong holiday spending suggest that consumers have adjusted to the post-recession environment. Recent stories of large winter crowds at vacation venues such as Disney World are indications that consumers are moving past recession-induced retrenchment to more typical consumption, albeit with continued belt-tightening. Beef middle meat prices improved noticeably in the last quarter of 2011 and the Restaurant Performance Index, which has improved erratically during the recovery, moved towards a strong finish for the year with the latest November data.

Cattle and beef prices will be higher in 2012 but just how much higher depends on consumer demand. Continued fragility of the U.S., as well as the global, economy make demand the biggest question mark for the beef industry in the New Year. Though consumer preferences for beef remain strong, they may have changed. Consumer reaction to higher prices may result in additional changes in demand for middle meats relative to end meats and for away-from-home versus at-home beef consumption. In the absence of major U.S. or global macroeconomic weakness, beef demand is sufficiently strong to support higher beef and cattle prices in 2012 but exactly how that demand will be manifest across different cuts and qualities of beef remains to be seen.

By Derrell S. Peel

OSU Extension Livestock Marketing Specialist

Beef demand key to cattle prices in 2012

Posted by Flora Sawita Labels: Beef, Cattle and Livestock, Meat, Prices

Beef and cattle prices increased to new record levels in 2011 and are expected to push even higher in 2012.

Several years of declining cattle inventories culminated in late 2011 with a projected 3.0 percent decrease in slaughter that combined with lighter carcass weights to result in a 3.8 percent less beef in the fourth quarter of 2011 compared to a year earlier. For 2012, slaughter is forecast to drop another 5-plus percent and, even with an expected increase in carcass weights, will result in a nearly 4 percent drop in beef production for the year. Decreasing beef production ensures that wholesale and retail beef prices will be pushed even higher in 2012. Cattle supplies that are even tighter, on a relative basis, likewise ensure that fed and feeder prices will be pushed to the limit and maintain strong negative pressure on feedlot, packing and retail margins. Weather conditions that determine whether the drought in the South continues or abates will determine whether feeder cattle supplies remain merely very tight or move to extremely tight should heifer retention accelerate in 2012.

While supply is clearly the main driver pushing cattle and beef prices upward, it is consumer beef demand that will determine just how far prices will go. It is not really a question of whether prices will be higher but rather a question of how much higher. Ignoring trade for a moment (though it continues to play an increasingly important role in the U.S. beef industry), it is domestic demand that is the biggest unknown in 2012. Consumer demand for beef (or indeed any product) is a combination of "willingness" and "ability" to purchase a given quantity of a product at a given price. Typically, when nothing else changes, consumers will pay higher prices when quantity is less and will only purchases greater quantities at lower prices. Declining beef production in 2012 already suggests higher prices for this reason.

However, other factors can change that affect the overall level of demand. Among the "willingness" factors for beef is the underlying desire that consumers have for beef or what are commonly referred to as the preferences for a product. There is no significant indication that consumer preferences for beef have declined. Even as consumers have been forced to adjust spending patterns in recent years (discussed below), beef preferences remain strong. However, beef is not one product but many different products and there are questions of whether consumer preferences have changed in terms of the mix of beef products desired. Steak, though still popular, may be viewed now by consumers as more of a special occasion meal, while ground beef demand continues to grow, including demand for premium ground beef products. It will take time before the extent and permanency of these apparent changes in preferences is determined.

Other short-run factors may also affect willingness to purchase beef products. Consumer decisions are driven by value, which is a combination of preferences and price of a product relative to other products that may be substitutes. In the case of beef, these are other meat products, mostly pork and poultry. Therefore, beef demand at any point in time, will be determined in part by the prices of pork and poultry relative to beef. In 2011, pork prices, like beef, moved to new record levels thus maintaining a relative balance between beef and pork prices. Through the first 11 months of 2011, retail beef and pork prices both increased about 10 percent year over year. During the same period, retail broiler prices increased only about 2 percent. This is another sign of strong beef preferences relative to chicken. Anticipated decreases in broiler production in 2012 should support broiler prices and provide additional support for higher beef prices.

Since 2008, the "ability" part of beef demand has played a bigger role in beef demand than for many years prior. The recession of 2008 and 2009 caused significant adjustments in consumer spending and may have permanently changed spending patterns. Macroeconomic measures provide a general backdrop for consumer spending ability. Post-recessionary GDP growth in 2010 was followed by weaker than expected growth in 2011in the U.S. economy and many other countries as well. The tsunami in Japan and the continuing fragile economic situation in the Euro area limited global growth. General expectations for 2012 are for continued anemic macroeconomic performance in the U.S. and most major developed and developing countries.

In the U.S., unemployment, though down from recessionary peaks, remains stubbornly high with little decrease through most of 2011. Inflation-adjusted personal disposable income decreased slightly from 2010 levels in the second and third quarters of 2011. Data for the fourth quarter are not yet available. However, personal savings rates, which jumped sharply during and immediately after the recession, fell back to a more modest level in late 2011 and likely supported additional consumer spending. Anecdotal indications of strong holiday spending suggest that consumers have adjusted to the post-recession environment. Recent stories of large winter crowds at vacation venues such as Disney World are indications that consumers are moving past recession-induced retrenchment to more typical consumption, albeit with continued belt-tightening. Beef middle meat prices improved noticeably in the last quarter of 2011 and the Restaurant Performance Index, which has improved erratically during the recovery, moved towards a strong finish for the year with the latest November data.

Cattle and beef prices will be higher in 2012 but just how much higher depends on consumer demand. Continued fragility of the U.S., as well as the global, economy make demand the biggest question mark for the beef industry in the New Year. Though consumer preferences for beef remain strong, they may have changed. Consumer reaction to higher prices may result in additional changes in demand for middle meats relative to end meats and for away-from-home versus at-home beef consumption. In the absence of major U.S. or global macroeconomic weakness, beef demand is sufficiently strong to support higher beef and cattle prices in 2012 but exactly how that demand will be manifest across different cuts and qualities of beef remains to be seen.

By Derrell S. Peel

OSU Extension Livestock Marketing Specialist

Plan to contain edible oil price

Posted by Flora Sawita Labels: Bangladesh, Edible Oil, Prices

(bdnews24.com) – The commerce ministry will propose changing the prevailing system of payment that is forcing edible oil importers to suffer losses.

The ministry will make the proposal to prevent importers' losses due to the fast appreciating dollar against the taka and to contain the prices which the importers say must be increased.

Generally Bangladeshi importers are subject to make payment at the prevailing rate when they initiate their letters of credit. But cooking oil importers are made to pay at the rate prevailing at the time of unloading their goods at the docks. This system is called deferred payment.

Sources inside the commerce ministry say it will propose the Bangladesh Bank to change this system.

An official seeking anonymity told bdnews24.com that commerce minister G M Quader will raise the issue at the next cabinet meeting. Once approved there, the ministry will send a formal proposal to the central bank which it will discuss with the rest of the banks.

"Although edible oil price have been steady internationally, the dollar is getting pricier against taka. On Thursday, the banks charged Tk 86.30 per dollar for payments above $ 10,000," the official said.

"Considering the time of opening their LCs, dollar was cheaper than Tk 78, these businessmen are suffering huge losses," the official added.

On July 20 last year, the government fixed retail soybean oil price at Tk 109 per litre and palm oil at Tk 99. According to the Trading Corporation of Bangladesh soybean is now selling at Tk 124-Tk 128 in Dhaka.

The ministry's move comes from recent demands of oil importers to raise retail prices.

Plan to contain edible oil price

Posted by Flora Sawita Labels: Bangladesh, Edible Oil, Prices

(bdnews24.com) – The commerce ministry will propose changing the prevailing system of payment that is forcing edible oil importers to suffer losses.

The ministry will make the proposal to prevent importers' losses due to the fast appreciating dollar against the taka and to contain the prices which the importers say must be increased.

Generally Bangladeshi importers are subject to make payment at the prevailing rate when they initiate their letters of credit. But cooking oil importers are made to pay at the rate prevailing at the time of unloading their goods at the docks. This system is called deferred payment.

Sources inside the commerce ministry say it will propose the Bangladesh Bank to change this system.

An official seeking anonymity told bdnews24.com that commerce minister G M Quader will raise the issue at the next cabinet meeting. Once approved there, the ministry will send a formal proposal to the central bank which it will discuss with the rest of the banks.

"Although edible oil price have been steady internationally, the dollar is getting pricier against taka. On Thursday, the banks charged Tk 86.30 per dollar for payments above $ 10,000," the official said.

"Considering the time of opening their LCs, dollar was cheaper than Tk 78, these businessmen are suffering huge losses," the official added.

On July 20 last year, the government fixed retail soybean oil price at Tk 109 per litre and palm oil at Tk 99. According to the Trading Corporation of Bangladesh soybean is now selling at Tk 124-Tk 128 in Dhaka.

The ministry's move comes from recent demands of oil importers to raise retail prices.

Bangladesh tea prices sharply up

Posted by Flora Sawita Labels: Bangladesh, Prices, Tea

Tea prices in Bangladesh rose sharply on Tuesday at a weekly auction because of higher demand from domestic buyers amid a tight supply, brokers said.

The average price of Bangladeshi tea rose 5.7 percent to 166.72 taka ($2) per kg from the previous sale, said an official at the National Brokers Limited, the country's largest tea broking firm.

Around 2 million kg of tea was offered at the country's only auction centre, in the main port city Chittagong, and 15.27 percent was left unsold.

That compared with 16.5 percent unsold in the previous auction when offer was 2.1 million kg.

"Demand is huge from domestic buyers but supply is not enough in the winter season," the official said.

Bangladesh has become a net importer of tea after previously ranking as the world's fifth-largest exporter.

Tea exports fell to $3.2 million in the fiscal year ended in June from $5.65 million the previous year, mainly due to growing domestic demand.

Pakistan, the United Arab Emirates and Saudi Arabia are the main importers of Bangladeshi tea.

The next auction will be held on January 10, with around 1.7 million kg on offer.

Bangladesh tea prices sharply up

Posted by Flora Sawita Labels: Bangladesh, Prices, Tea

Tea prices in Bangladesh rose sharply on Tuesday at a weekly auction because of higher demand from domestic buyers amid a tight supply, brokers said.

The average price of Bangladeshi tea rose 5.7 percent to 166.72 taka ($2) per kg from the previous sale, said an official at the National Brokers Limited, the country's largest tea broking firm.

Around 2 million kg of tea was offered at the country's only auction centre, in the main port city Chittagong, and 15.27 percent was left unsold.

That compared with 16.5 percent unsold in the previous auction when offer was 2.1 million kg.

"Demand is huge from domestic buyers but supply is not enough in the winter season," the official said.

Bangladesh has become a net importer of tea after previously ranking as the world's fifth-largest exporter.

Tea exports fell to $3.2 million in the fiscal year ended in June from $5.65 million the previous year, mainly due to growing domestic demand.

Pakistan, the United Arab Emirates and Saudi Arabia are the main importers of Bangladeshi tea.

The next auction will be held on January 10, with around 1.7 million kg on offer.

World food price fall seen pausing in November

Posted by Flora Sawita Labels: 2011 News, Food Inflation, Prices

By Svetlana Kovalyova

MILAN

(Reuters) - A four-month fall in world food prices from record highs is expected to slow in November, with little change from the previous month, in data due on Thursday from the United Nations' food agency.

Worries the euro zone debt crisis would undercut demand have weighed on the markets but concerns about bad crop weather supported grains.

The U.N. Food and Agriculture Organisation (FAO) will update its monthly Food Price Index on Thursday, just as the European Central Bank meets and is widely expected to cut interest rates again to help support the euro zone economy and resolve the region's sovereign debt crisis.

The FAO index - which measures price changes for a basket of cereals, oilseeds, dairy products, meat and sugar - hit a record high of nearly 238 points in February, when high food prices helped stoke the unrest of the Arab Spring and grabbed attention of the world leaders.

The FAO said last month agricultural commodity prices were set to remain high and volatile and subject to swings in unstable financial and equity markets.

Global food prices have fallen back in the last few months but remained close to levels of the 2008 food crisis which sparked riots in some poor countries and panic buying in the richer world. Corn, wheat and soybean futures at the Chicago Board of Trade all posted monthly losses last month dragged down to multi-month lows by investor concerns the euro zone debt crisis would put brakes on the global economic growth and sap commodity demand. Benchmark ICE March raw sugar futures also fell in November.

But grain prices on the physical markets largely rose last month, with the average monthly price of benchmark U.S. maize up to $278.02 a tonne in November from $274.79 a tonne in October and Thai rice rising to $648.75 a tonne from $620.25 a tonne, the FAO's database showed.

U.S. Hard Red Winter wheat was little changed at $301.75 a tonne in November, while U.S. soybeans fell to $451.00 a tonne in November from $467.42 a tonne in October, according to the database.

(Editing by William Hardy)

Asian rice prices seen at $642.5/T by year end

Posted by Flora Sawita Labels: India, Prices, Rice

Asian rice prices are expected to rise about 4 percent by the end of 2011, supported by government intervention in Thailand, but trading is likely to be thin as buyers have already sealed deals for year-end demand, a Reuters poll showed on Monday.

The benchmark 100 percent B grade Thai white rice was forecast at $642.5 per tonne by the end of this year, according to a median forecast by 10 analysts and traders.That is slightly higher than the current price of $620 a tonne, but still well below a record high of $1,080 per tonne touched in April 2008.

"The market is likely to be thin during the year-end period as most buyers had already sealed deals, waiting for deliveries during the year-end period," said a Bangkok-based trader.

Firmness in rice prices during the last quarter of this year is largely being supported by expectations that the Thai government will accelerate its rice buying scheme to help support farmers after a severe flood.

"That could push rice prices in other countries to rise in the same direction as exporters could offer high prices, but slightly lower than Thai grades in a bid to attract buyers," said Kiattisak Kallayasirivat of Novel Agritrade.

Traders said rice prices could stay at high levels in general, with the 5 percent broken grade white rice expected to stay around $550-$580 per tonne by the end of the year.

The 25 percent broken grade white rice was likely to stay around $450-$500 per tonne, according to the poll.

The Thai government started buying rice from farmers at 15,000 baht ($480) per tonne from October 7, which was nearly double the market price of around 8,000 baht at the time.

It has bought around 1 million tonnes of paddy from farmers so far and the intervention has already pushed market prices up, to around 10,0000 baht per tonne on Monday.Thai exports fell significantly in October when floods cut transport routes, with loading volumes dropping to 628,000 tonnes from 890,000 tonnes a year ago, Ministry of Commerce data showed.

CHEAPER RICE FROM INDIA Traders said with high uncompetitive prices being offered by Thailand and Vietnam, top two exporters of rice, buyers were likely to turn to India which was willing to sell the grain cheaper as it is sitting on a huge stock ahead of a bumper crop.

Vietnamese 5 percent broken grade white rice was offered at a $555-$565 per tonne on Monday, but still well below the same grade of Thai origin that was offered at $580 per tonne.

Indian rice has been offered at around $470 per tonne since the country lifted a ban on shipments in September and allowed overseas sales of 2 million tonnes of common rice.

"Today, Thai and Vietnamese prices are paper prices, while Indian prices are traded values that are much lower than these competing origins," said Tajinder Narang, advisor to a Delhi-based trading company Emmsons International.

However, traders expect India to sell as much as 4 million tonnes due to its huge stocks.

India, the world's second biggest rice producer, had 20.3 million tonnes of government rice stocks as of October 1 against a target of 5.2 million tonnes.

India was also expected to have another good 2011/12 crop year with an estimated production of around 87.1 million tonnes, up from 80.65 million tonnes in the previous year, according to its farm ministry's data.

Indian rice is expected to be offered at prices ranging from $450-$485 per tonne, levels that give better profit but are still competitive compared to Thai and Vietnamese prices, traders said.

"It's like Thailand and Vietnam have made room for India to make profits," Kiattisak said.

Chicago corn, soybean price climb after central bank action

Posted by Flora Sawita Labels: Commodities, Prices

Chicago corn and soybean prices ended moderately higher on Wednesday, as a coordinated action by major central banks to support the global financial system lifted market sentiment. Wheat lost some steam, as short-covering from fund traders dried up.

The most active corn contract for March delivery rose 2.5 cents, or 0.4 percent, to close at 6.08 U.S. dollars per bushel. March wheat pared 2 cents, or 0.3 percent, to 6.14 dollars per bushel. January soybean rallied 6.25 cents, or 0.6 percent, to close at 11. 3125 dollars per bushel.

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank announced coordinated actions to provide liquidity support to ease global financial strains, the U.S. Federal Reserve said Wednesday.

Meanwhile, People's Bank of China said Wednesday that it will lower banks' reserve requirement ratio (RRR) by 50 basis points for the first time in three years to replenish liquidity in the country's banking system as inflation eases.

Market analysts mentioned that the demand for riskier assets surged on Wednesday with the sharp break in the U.S. dollar and a surge higher in equity and energy markets, as the coordinated move by key central banks helped easing fears of a global credit crisis similar to the one that followed the 2008 collapse of Lehman Brothers.

But grain prices failed to hold on to its earlier gains amid market expectations that the extraordinary measures by central banks to supply the world with liquidity might indicate that the global slowdown to be worse than expected.

The Argentina's Agriculture Ministry forecast its 2011/12 corn production at a record high 30 million tons, which is much higher than the previous record of 22.5 million tons.

A trader pointed out that the increasing expectation of potential higher production in South America along with concerns over global growth slowdown dragged down the corn prices.

As for wheat, it rallied earlier in the session, boosted by active buying from funds, but it gradually gave back earlier gains and ended a tad lower as the short-covering from fund dwindled.

English.news.cn

Canada Wheat Board forecasts lower values

Posted by Flora Sawita Labels: Canada, Futures, Prices, Wheat

The Canadian Wheat Board projected lower wheat values on Thursday for the 2011-12 (August-July) marketing year.

Values vary depending on class, grade and protein level.

Wheat values down $1 to $14 per tonne from last month's outlook.

Concerns about world economy and global wheat fundamentals pressure wheat prices.

Significant wheat export competition also weighs down prices.

CWB has priced about 40 percent of the expected wheat crop, expects wheat pricing to reach 50 percent by end December.

Durum values lost between $1 and $25 per tonne.

Durum weakened by buyer resistance to high prices.

Overall durum prices still historically high and buyers are substituting non-durum wheat where possible.

Malting barley drop $4 per tonne, feed barley down $3.

Feed prices under pressure from large barley crops in Australia and Argentina.

Malting barley prices declined as international competition increases into China, the largest malting barley importer.

PROs are estimates of crop year returns that the CWB - which holds a monopoly on sales of wheat and barley to millers, maltsters and export markets from Canada's Prairie Provinces - reviews monthly to give farmers a sense of projected returns.

Cameroon cocoa prices dip as beans hit market

Posted by Flora Sawita Labels: Africa, Cocoa, Prices

YAOUNDE (Reuters) - Cocoa farm-gate prices in Cameroon have dropped since last month as production has increased, farmers said on Monday.

An easing of rains in the world's fifth-largest grower has also improved bean drying operations and made upcountry roads more passable -- increasing the amount of export-ready cocoa available to the market.

"There is a steady supply of the beans on the market," said Francis Fobi, the secretary general of the South-West Farmers Cooperative Union (SOWEFCU) based in the main marketing centre Kumba. The South-West produces 40 percent of the national crop.

Speaking to Reuters from Emana in the Centre region, which produces another 40 percent of Cameroon's cocoa, local cooperative leader Emmanuel Nnogo Akolo said improved weather conditions have led to a massive influx of unlicensed buyers from the capital city.

They move from door to door with plenty of cash and save the farmers the pains of transporting beans themselves.

"Many farmers here are very eager now to sell their beans and begin buying Christmas provisions for their family members before the month of December when prices go up," he said.

Prices in the South, the third largest growing region, also fell. Farmers said the collapse of the Ntem River bridge had made it hard for them to move beans out of the area.

Cameroon's cocoa season runs from August 1 to July 31, with the main harvest period from October to February. Production hit an all-time record of 240,000 tonnes in 2010/11, and the Cocoa Development Authority (SODECAO) foresees it reaching 250,000 tonnes in 2011/12.

Cameroon cocoa prices dip as beans hit market

Posted by Flora Sawita Labels: Africa, Cocoa, Prices

YAOUNDE (Reuters) - Cocoa farm-gate prices in Cameroon have dropped since last month as production has increased, farmers said on Monday.

An easing of rains in the world's fifth-largest grower has also improved bean drying operations and made upcountry roads more passable -- increasing the amount of export-ready cocoa available to the market.

"There is a steady supply of the beans on the market," said Francis Fobi, the secretary general of the South-West Farmers Cooperative Union (SOWEFCU) based in the main marketing centre Kumba. The South-West produces 40 percent of the national crop.

Speaking to Reuters from Emana in the Centre region, which produces another 40 percent of Cameroon's cocoa, local cooperative leader Emmanuel Nnogo Akolo said improved weather conditions have led to a massive influx of unlicensed buyers from the capital city.

They move from door to door with plenty of cash and save the farmers the pains of transporting beans themselves.

"Many farmers here are very eager now to sell their beans and begin buying Christmas provisions for their family members before the month of December when prices go up," he said.

Prices in the South, the third largest growing region, also fell. Farmers said the collapse of the Ntem River bridge had made it hard for them to move beans out of the area.

Cameroon's cocoa season runs from August 1 to July 31, with the main harvest period from October to February. Production hit an all-time record of 240,000 tonnes in 2010/11, and the Cocoa Development Authority (SODECAO) foresees it reaching 250,000 tonnes in 2011/12.

Grain prices to be good for 2012 crop

Posted by Flora Sawita Labels: Corn, Grain, Prices, soybean, Wheat

(Agri News) DUBUQUE, Iowa — Extension grain marketing specialist Chad Hart says grain prices for the 2012 crop will be off from 2011 but still strong.

Hart offered the outlook at the recent Tri-State Agricultural Lender's Seminar in Dubuque.

For the 2011 marketing year, which started Sept. 1, USDA forecasts record season average prices of $6.70 for corn and $13.15 for soybeans. Futures prices are a little less bullish, but still at record levels with corn at $6.33 per bushel and soybeans at $11.85 for average cash prices.

Looking to 2012, futures indicate average cash prices of $5.85 form corn and $11.70 for soybeans.

With crop margins at $250 per acre for corn and $50 per acre for soybeans, Hart expects another shift to more corn. Iowa added 400,000 acres in corn and the United States added 2.5 million to 3 million acres this year.

"2012 looks like another good year on the crop side, but we are seeing some upward cost pressure for land, fertilizer and seed," Hart said. "It's what tends to happen in a competitive industry."

Worldwide economic recovery is a key for prices in the coming year, Hart said.

"Uncertainty in the general economy has a pull on ag markets," Hart said.

2008 to 2011 brought the nation's four largest corn crops and at the same time high prices.

"We see record production and record demand, and a big chunk of that has been biofuels," Hart said.

It's a similar situation for soybeans — big crops, big demand and no opportunity to build stocks. Export growth, especially from China, has been driving demand. China currently accounts for 60 percent of U.S. soybean exports.

Soybean production is 3 billion bushels for the 2011 marketing year with total use projected at 3.1 billion bushels and exports at 1.375 billion bushels.

"In 2011 we knew we needed a big corn crop and we didn't quite get it," Hart said. "We harvested a national average yield of 148 bushels per acre. In the Dakotas we had flooding and a drought in the South. Both brought down yields."

Worldwide corn production was up everywhere except fort the United States and Canada.

"That's why we're starting to see corn exports back off," Hart said.

World soybean production was off nearly everywhere.

Wheat prices are off relative to corn prices, and Hart expects to see switching from corn to wheat feeding in the coming months. He doesn't expect to see an increase in feed demand for the coming year because crush margins still show unprofitable periods later in 2012 for hogs, beef and poultry.

Crop insurance guarantees should be similar to this year, $6.01 per bushel for corn and $13.49 for soybeans. Premiums may be a little lower due to USDA rate changes.

By Jean Caspers-Simmet

Grain prices to be good for 2012 crop

Posted by Flora Sawita Labels: Corn, Grain, Prices, soybean, Wheat

(Agri News) DUBUQUE, Iowa — Extension grain marketing specialist Chad Hart says grain prices for the 2012 crop will be off from 2011 but still strong.

Hart offered the outlook at the recent Tri-State Agricultural Lender's Seminar in Dubuque.

For the 2011 marketing year, which started Sept. 1, USDA forecasts record season average prices of $6.70 for corn and $13.15 for soybeans. Futures prices are a little less bullish, but still at record levels with corn at $6.33 per bushel and soybeans at $11.85 for average cash prices.

Looking to 2012, futures indicate average cash prices of $5.85 form corn and $11.70 for soybeans.

With crop margins at $250 per acre for corn and $50 per acre for soybeans, Hart expects another shift to more corn. Iowa added 400,000 acres in corn and the United States added 2.5 million to 3 million acres this year.

"2012 looks like another good year on the crop side, but we are seeing some upward cost pressure for land, fertilizer and seed," Hart said. "It's what tends to happen in a competitive industry."

Worldwide economic recovery is a key for prices in the coming year, Hart said.

"Uncertainty in the general economy has a pull on ag markets," Hart said.

2008 to 2011 brought the nation's four largest corn crops and at the same time high prices.

"We see record production and record demand, and a big chunk of that has been biofuels," Hart said.

It's a similar situation for soybeans — big crops, big demand and no opportunity to build stocks. Export growth, especially from China, has been driving demand. China currently accounts for 60 percent of U.S. soybean exports.

Soybean production is 3 billion bushels for the 2011 marketing year with total use projected at 3.1 billion bushels and exports at 1.375 billion bushels.

"In 2011 we knew we needed a big corn crop and we didn't quite get it," Hart said. "We harvested a national average yield of 148 bushels per acre. In the Dakotas we had flooding and a drought in the South. Both brought down yields."

Worldwide corn production was up everywhere except fort the United States and Canada.

"That's why we're starting to see corn exports back off," Hart said.

World soybean production was off nearly everywhere.

Wheat prices are off relative to corn prices, and Hart expects to see switching from corn to wheat feeding in the coming months. He doesn't expect to see an increase in feed demand for the coming year because crush margins still show unprofitable periods later in 2012 for hogs, beef and poultry.

Crop insurance guarantees should be similar to this year, $6.01 per bushel for corn and $13.49 for soybeans. Premiums may be a little lower due to USDA rate changes.

By Jean Caspers-Simmet

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