Highlights in today’s morning note
The relatively stronger Rand against the US Dollar, lower Chicago soybean prices, and expected large supplies kept the domestic soybean prices under pressure in yesterday’s trade session.
Farmers continue to deliver maize to commercial silos. The total maize deliveries were reported at 393 366 tonnes in the week ending 11 August 2017, down 13% from the previous week. About 71% of this was white maize with 29% being yellow maize.
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The weather remains a key factor in the domestic market due as the crop is still at early growing stages. This season is about a month and a half behind schedule. The latest weather forecasts show a possibility of light showers of roughly 16 millimetres within the next eight days across the southern parts of the Western Cape province. Although this is a welcome relief, it is not sufficient to improve soil moisture and crop conditions.
The South African potatoes market pulled back from the previous day’s level owing to relatively large stocks of 863 240 pockets (10kg bag) at the start of the trading session. The price was down by 4% from the previous day, closing at R28.77 per 10kg pocket.
The fruit market ended the day on a mixed footing in yesterday’s trade session. The prices of apples and oranges were up by 5% and 1% from the previous day, closing at R7.91 per kilogramme and R3.25 per kilogramme, respectively. These gains were mainly on the back of lower stocks and strong buying interest.