South African Agricultural Commodities Weekly Wrap

• The weather was again a primary focus in the South Africa grain and oilseed market this week. The most notable releases were the Seasonal Climate Forecast Update from the International Research Institute (IRI) for Climate Change Society at the Columbia University, which suggested that the Western Cape province could receive above-normal rainfall between June and August 2018.
• The IRI’s estimate was partly in line with the sentiments expressed in South African Weather Service’s Seasonal Climate Watch released in March 2018. The forecast rainfall could improve soil moisture in the province and subsequently benefit the new season winter crops.
• Aside from the weather dynamics, the grain and oilseed market ended the week in negative territory owing to a combination of factors which included the harvest pressure, expectations of large harvest and lower Chicago grain prices, amongst others.
• The SAFEX beef carcass market experienced a quiet week with prices unchanged from levels seen last week.

Read the full report by Wandile Sihlobo below:

South African Agricultural Commodities Weekly Wrap 18 May 2018