Highlights in today’s morning note
Although the focus in the market is slightly shifting to the new production season which is set to commence in October, some farmers continue to deliver old season maize to commercial silos. The total maize deliveries were reported at 66 853 tonnes in the week ending 01 September 2017.
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The weather remains a primary focus in the domestic wheat market as the crop urgently needs moisture. Unfortunately, the forecasts have changed drastically overnight. It currently shows clear skies across the Western Cape province within the next two weeks.
Yesterday there were no major data releases in the domestic soybean market and the data calendar for the rest of the week is fairly light. Therefore, market performance will largely be guided by the Chicago (soybean) price and domestic currency movements over the next few days.
Yesterday the South African potatoes market withdrew its recent gains, with the price down by 3% from the previous day, closing at R40.69 per pocket (10kg).
The fruit market ended the day mixed in yesterday’s trade session. The price of apples was up by 9% from the previous day, closing at R8.00 per kilogramme, owing to relatively lower stocks of 204 975 tonnes. Meanwhile, the prices of bananas and oranges were down by 1% and 19% from the previous day, closing at R5.91 per kilogramme and R2.77 per kilogramme, respectively.