There were numerous data releases this week in the domestic grain and oilseeds market, with the most notable one being the National Crop Estimate Committee’s winter wheat fourth production estimate.
The winter wheat crop was revised down by 4% from the previous estimate to 1.58 million tonnes, in line with market expectations given the ongoing drought in the Western Cape. However, this failed to uplift the wheat prices, which ended the week in negative territory.
Other commodity prices such as maize, soybeans and sunflower seed were under pressure this week due to the stronger domestic currency, lower international prices, as well as favourable outlook for the new season.
The fruit and vegetable prices were volatile during the week with lower stock levels underpinning the market. The SAFEX beef carcass market remained flat this week due to thinly traded volumes.
The calendar for the week ahead is fairly light with only weekly grain trade and deliveries data due for release.
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