Millet Harvest Enters Full Swing
Key millet-producing regions are entering their primary harvest phase. Farmers are actively shipping their crop to market, resulting in a steady inflow of millet throughout the supply chain. While demand persists, it has not matched the abundant supply available, setting a critical stage for potential price reductions.
Price Drop Anticipated
Millet prices could fall further in the coming week. The convergence of heightened supply against lower-than-expected demand creates a scenario that is likely to drive prices down. With improving weather conditions and an uptick in harvest activities, it is expected that an influx of millet will flood the market, thereby increasing the likelihood of a price decline.
Farmers Hesitant to Sell
Despite the rising supply and the prospect of lower prices on the horizon, some farmers are expressing reluctance to sell their millet at current market rates. This hesitance could create a temporary support for prices in the short term. However, should production costs decrease, farmers may ultimately be compelled to sell their crop, further enhancing supply levels and reinforcing pressures on pricing.
Market Outlook: Prices Under Pressure
As the centralized harvest period progresses and supply reaches its peak, the millet market is poised to experience a slump in prices. The current landscape, characterized by supply surpluses and subdued demand, is poised to keep market participants on alert. Over the coming weeks, shifts in these supply and demand dynamics will be crucial in determining the extent of price fluctuations.
For those looking to engage in the millet market, the following trading details have been released for Chinese hulled millet:
- Purity: 99.95%
- Moisture Content: Max 10%
- Packaging: 25kg paper bag
- Prices:
- Conventional FOB Dalian: USD 1210-1240/mt (EURO 1111-1139/mt)
- Organic FOB Dalian: USD 1270-1300/mt (EURO 1166-1194/mt)
- Delivery Timeframe: 25 days after contract signing.
As the situation develops, agricultural investors and stakeholders in the millet market are encouraged to monitor updates closely, as the next several weeks will be critical for understanding market trajectories.
Source:cmbroker