This is a data-packed week, with the National Crop Estimate Committee’s seventh maize production estimates and SAGIS weekly data due for release. Any notable changes in these particular data points could lead to movements in the maize markets.
Highlights in today’s morning note
Reuters analyst’s survey shows that South Africa’s maize production could be revised up by 1% from the previous estimate to 16.14 million tonnes. Meanwhile, Bloomberg’s survey indicates that the maize crop production estimate could remain unchanged at 15.97 million tonnes.
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The expected uptick in production means that South Africa might see minimal imports of soybeans in the 2017/18 season, which will be a remarkable improvement following 2016/17 imports of 271 098 tonnes. The country imported 4 095 tonnes of soybean in July 2017, placing the country’s total imports to 13 028 tonnes.
In terms of trade, South Africa exported 8 tonnes of sunflower seed to Swaziland and Namibia in July 2017. This brought the country’s 2017/18 sunflower seed exports to 117 tonnes. About 69% went to Swaziland, 19% to Botswana and 12% to Namibia.
The South African potatoes market saw marginal gains in Friday’s trade session with the price up by 0.81% from the previous day, closing at R32.32 per pocket (10kg). These gains came on the back of relatively lower stocks in the market.
The SAFEX beef market has not shown any notable movements this month due to thinly traded volumes. The price remains flat at R46.00 per kilogramme. This means that the SAFEX beef carcass prices could differ from the physical market prices.
The fruit market ended the day mixed on Friday’s trade session. The prices of apples and oranges were up by 3% and 15% from the previous day, closing at R7.65 per kilogramme and R3.74 per kilogramme, respectively. Meanwhile, the price of bananas was down by 8% from the previous day, closing at R4.72 per kilogramme.
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