South African Agricultural Commodities Weekly Wrap

• This week there were no major data releases in the South African grain and oilseed market. The weaker domestic currency against the US Dollar, coupled with higher Chicago grain prices provided support to the grain and oilseed market.
• The notable gains were on white and yellow maize, as well as soybean spot prices, with each respectively up by 3 percent from last week. Sunflower seed and wheat prices were up by 2 percent and a percentage point from last week’s average prices.
• Next week, the national Crop Estimate Committee will release an update of the 2017/18 summer grain and oilseed production forecasts, as well as the first 2018/19 winter wheat production forecast. There is generally some optimism in the market that this season’s wheat production could recover due to expansion in area planted and favourable weather conditions in some parts of the Western Cape and inland regions.
• Aside from the grain and oilseed market, the SAFEX beef carcass market experienced a quiet week with prices unchanged from levels seen last week. In terms of the beef supply, the South African farmers slaughtered 190 454 head of cattle in June 2018, down by 14 percent from the corresponding period last year.

Sourced: Weekly wrap, Agribusiness Research

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