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LATEST NEWS UPDATES | Corn exports may rise to 3.5 million tonnes in 2011-12: USGC

Corn exports may rise to 3.5 million tonnes in 2011-12: USGC

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published Published on Jul 19, 2012   modified Modified on Jul 19, 2012
-Reuters

Corn exports from India could hit a record 3.5 million tonnes in the 2011/12 marketing year to September, spurred by higher global prices and a bumper harvest, the India representative of a major US grains export association said on Thursday.

India is Asia's second-largest grower of corn after China but it is not a significant global exporter of the grain. It mainly sells to Malaysia, Indonesia and Vietnam, which seek small cargoes for prompt delivery.

India exported about 3.2 million tonnes of corn in 2010/11, traders said. It harvested 21.6 million tonnes in the 2011/12 crop year which ended in June, slightly lower than the record 21.7 million tonnes of the previous year.

Domestic consumption is pegged at around 17-18 million tonnes annually.

"So far, Indian traders had shipped nearly 3.1 million tonnes and they could easily ship another 400,000 tonnes in the next two months," US Grains Council India representative Amit Sachdev told Reuters.

The US Grains Council is a private organisation based in Washington that works to build export markets for US barley, corn and sorghum.

"A weak rupee and a rally in global corn prices has made it attractive for Indian traders to sell corn to feed millers in countries such as Malaysia, Vietnam and Indonesia despite a surge in the domestic prices," Sachdev said.

"Indian traders also have the advantage of surplus corn availability, while others are facing shortages due to higher demand from China," he added.

The Economic Times, 19 July, 2012, http://economictimes.indiatimes.com/news/economy/foreign-trade/corn-exports-may-rise-to-3-5-million-tonnes-in-2011-12-usgc/articleshow/15043595.cms


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