Weaker rand boosting agricultural commodity pricesSeptember 5, 2018
South African Agricultural Commodities Weekly WrapSeptember 7, 2018
- This year’s maize harvest process continued with minimal interruption in the past couple of weeks, albeit being behind schedule due to the late start of the season on the back of unfavourable weather conditions late last year into early January 2018. A large share of the crop has already been delivered to commercial silos. In the week of 31 August, maize producer deliveries amounted to 252 665 tonnes, down by 35 percent from the previous week. About 73 percent of this was white maize, with 27 percent being yellow maize.
- This placed South Africa’s 2018/19 maize marketing year producer deliveries at 10.5 million tonnes, which equates to 80 percent of the estimated harvest of 13.2 million tonnes. The yields in areas that have harvested largely varied between average and above average, which is somewhat in line with market expectations. While the harvest process has largely been completed, additional maize will still be delivered in the coming months.
- Today the focus will be on the weekly grain trade data which is due for release at midday. South Africa exported 62 058 tonnes of maize in the week of 24 August 2018, up by 8 percent from levels seen in the previous week. About 88 percent was yellow maize, with 12 percent being white maize. The leading buyer was Vietnam with a share of 83 percent and the rest went to regional markets. This placed South Africa’s 2018/19 maize exports at 1.2 million tonnes, which is about 52 percent of the seasonal export forecast of 2.3 million tonnes (revised down from the previous estimate of 2.5 million tonnes).
- Elsewhere, the most recent reports from World Weather Inc. suggest that the heavy rains in parts of the US Midwest could slow down advancing of maize and initial fieldwork.
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