Although the next eight days could remain dry and cool across the winter wheat growing areas, the week ending 21 September 2017 offers some hope.
Highlights in today’s morning note
There are prospects of light showers of between 10 and 20 millimetres across the Western Cape province. This will not be sufficient to replenish soil moisture but will offer some relief following weeks of persistent dryness.
Last week, South Africa exported 82 231 tonnes of maize, which is double the volume exported in the week ending 25 August 2017. About 67% of these exports were yellow maize, with 33% being white maize.
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As previously noted, the domestic soybean data calendar is light this week, as a result, the market performance will largely be guided by the Chicago (soybean) price and domestic currency movements throughout the week.
The South African potatoes market gained ground in yesterday’s trade session with the price up by 2% from the previous day, closing at R41.88 per pocket (10kg). These gains came on the back of relatively lower stocks of 572 294 pockets (10kg bag) at the start of the session.
The fruit market managed to claw back its recent losses, recording widespread gains in yesterday’s trade session. The prices of apples and bananas were up by 2% and 18% from the previous day, closing at R7.32 per kilogramme and R5.96 per kilogramme, respectively. The price of oranges was significantly up by 24% from the previous day, closing at R3.44 per kilogramme.