South African Agricultural Commodities Weekly Wrap
The recent gains of the Rand against the US Dollar led to widespread losses in the South African agricultural commodity markets this week. Positive sentiment regarding this year’s summer crop production also added bearish pressure to the market.
The most notable losses were on yellow maize, with the spot price down by an average 4% compared to the previous week. Losses in other grains were marginal, averaging 2% from the previous week.
This is with the exception of sunflower seed which ended the week in positive territory, gaining 1% from the previous week.
For fruits and vegetables, the week has again been fairly volatile with daily stock levels underpinning the market. The SAFEX beef market saw a fairly quiet week, with prices unchanged from the previous one.
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