Highlights in today’s morning note
The fruit market saw widespread losses in yesterday’s trade session. The prices of apples and bananas were each down by 1% from the previous day, closing at R7.18 per kilogramme and R5.06 per kilogramme, respectively. In addition, the price of oranges was marginally down by 0.4% from the previous day, closing at R2.77 per kilogramme.
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While the discussion in South African maize market has been dominated by the record harvest, it will soon shift to the 2017/18 production season which is set to commence next month. The planting process for the new production season usually starts around mid-October in the eastern parts of the country. Meanwhile, planting in the western parts normally starts around mid-November.
The winter wheat crop is in fair condition in the Western Cape province following the past few weeks’ rainfall, albeit being insufficient to replenish soil moisture. Therefore, there is a need for follow-up rains, as the crop approaches the pollination stage of development which requires higher moisture.
The domestic soybean data calendar is light this week, therefore the market performance will largely be guided by the Chicago (soybean) price and domestic currency movements throughout the week.
In the global market – The EU’s sunflower seed market gained ground in yesterday’s trade session with prices up by 0.75% from the previous day, closing at US$403 per tonne due. These gains were largely on the back of higher crude oil prices.