South African Agricultural Commodities Weekly Wrap
South African agricultural commodity markets were under pressure this week, owing to a combination of factors with key ones being the prospects of large grains and oilseeds supplies, as well as relatively stronger Rand against the US Dollar. Notable losses were on the maize market, which fell an average of 11% compared to the previous week’s levels.
The wheat and oilseeds market also closed in negative territory as the bearish sentiment prevailed, on the back of expected large supplies.
For fruits and vegetables, the week has again been fairly wobbly with daily volumes/stock levels underpinning the market. Lastly, the SAFEX beef market ended the week in positive territory.
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