Highlights in today’s morning note
The domestic soybean usage declined in June 2017, despite the increase in supplies. SAGIS data shows that in June 2017, South Africa’s soybean consumption (crushed oil and cake) fell by 22% from the previous month and 30% from the same period last year and eased at 72 095 tonnes.
The total maize deliveries were reported at 806 246 tonnes in the week ending 28 July 2017, down 17% from the previous week. About 64% of this was white maize with 36% being yellow maize. This brought South Africa’s 2017/18 total maize deliveries for “week 1 to 13” to 12.39 million tonnes. Of this total, 58% is white maize and 42% is yellow maize.
The weather remains a key focus as the crop is still at early growing stages which require moisture. Unfortunately, the next eight days is likely to be no different from the previous few weeks of dryness. The forecasts only present a possibility of light showers in the coastal areas.
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The relatively lower sunflower seed prices have led to an increase in consumption or usage. As shown in SAGIS data for June 2017 that South Africa’s sunflower seed consumption (crushed oil and cake) increased by 48% month-on-month and 14% year-on-year in June 2017 to 68 482 tonnes.
In yesterday’s trade session the South African potato market pulled back from the previous day’s level and closed in negative territory. These losses followed a slight uptick in daily stocks to 932 055 bags (10kg bags) at the beginning of the session.
The fruit market ended the day mixed in yesterday’s trade session. The bananas and oranges prices were up by 7% and 11% from the previous day, closing at R6.19 per kilogramme and R3.33 per kilogramme, respectively. The price of apples lost 4% from the previous day, closing at R6.64 per kilogramme due to large stocks of 256 739 tonnes.