The weaker domestic currency, coupled with higher Chicago grains and oilseed prices led to widespread gains in the South African agricultural commodity markets this week.
The notable gains were on sunflower seed with the spot price up by 2% compared to the previous week. The maize and soybean spot prices were each up by 1% from the previous week, whilst wheat was up, marginally, by 0.41%.
The week ahead is data packed, with the National Crop Estimate Committee’s production estimates and SAGIS weekly data due for release. Any major changes in these particular data points could lead to notable movements in the grain and oilseed markets.
Apart from this, the fruit and vegetable prices were volatile throughout the week with daily stock levels underpinning the market. The SAFEX beef carcass market ended the week on a quiet note with prices unchanged from the previous week due to thinly traded volumes.
Click here for the South African Agricultural Commodities Weekly Wrap.