South African Agricultural Commodities Weekly Wrap
South African agricultural commodity markets were mainly under pressure this week, with the exception of wheat which managed to gain ground and closed in positive territory – largely supported by strong domestic buying interest.
Meanwhile, other commodities were pressured by prospects of large domestic supplies, as well as relatively stronger Rand against the US Dollar. The maize market fell by an average of 13% compared to the previous week’s levels.
The oilseeds market also closed in negative territory as the bearish sentiment prevailed, on the back of expected large supplies.
For fruits and vegetables, the week has again been volatile with daily stock levels underpinning the market. Lastly, the SAFEX beef prices remained unchanged from the previous week’s level.
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