CEC to release final estimate for 2017 maize production.

The National Crop Estimate Committee’s (CEC) will release its final estimate for South Africa’s 2017 maize production. The current estimate is 16.4 million tonnes, which is double the previous season’s crop and the biggest on record.

Highlights in today’s morning note

Maize:

Reuters analyst’s survey shows that South Africa’s maize production could be revised up by 1% from the previous estimate to 16.5 million tonnes. Meanwhile, Bloomberg analyst’s survey shows that maize production could be revised up by 2% from the previous estimate to 16.7 million tonnes.

Wheat:

In the afternoon, the CEC will release its second production estimates for the season and likely to show a downward revision from the previous estimate of 1.6 million tonnes . The weather and crop conditions have worsened in most parts of the Western Cape and Free State province since the last crop production assessment.

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Soybeans:

South Africa imported 8 118 tonnes of soybean in August 2017, almost double the previous month’s volume. This placed the country’s total imports to 21 146 tonnes. South Africa’s soybean consumption (crushed oil and cake) was reported at 80 932 tonnes in August 2017, down by 5% from the previous month. With that said, this is still 14% higher than the same period last year. 

Sunflower seed:

South Africa exported 4 tonnes of sunflower seed to Namibia in August 2017, which is double the previous month’s activity. This brought the country’s 2017/18 sunflower seed exports to 121 tonnes. In the same month, South Africa imported 74 tonnes of sunflower seed from Egypt and Malawi. This is the fourth monthly batch this season. The total imports for the 2017/18 season stand at 430 tonnes.

RSA Potatoes:

The South African potatoes market lost ground in yesterday’s trade session with the price down by 0.34% from the previous day, closing at R38.42 per pocket (10kg). These losses were on the back of large stocks of 962 570 pockets (10kg bag) at the start of the trading session.

RSA Beef:

The South African cattle industry is normalising after the 2015-16 El Niño induced drought. Data from the Red Meat Levy Admin shows that farmers slaughtered 228 632 head of cattle in August 2017, up by 12% from the previous month, but still down by 5% from the corresponding period last year.