Highlights in today’s morning note
The upward revision in South Africa’s maize production estimate to a record 16.41 million tonnes did not cause a notable reaction in the market during yesterday’s trade session. This is partly because a number of international observers such as the International Grain Council had already signalled a possibility of an even larger crop of 16.70 million tonnes.
The weather remains a dominant factor in the local market as the winter wheat crop is still at early growing stages. The crop is in a fair condition in many areas of the Western Cape province, while relatively poor in some parts of the Free State province.
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The weaker Rand against the US Dollar coupled with higher Chicago soybean prices and strong buying provided support to the domestic soybean market in yesterday’s trade session.
The South African potatoes market saw marginal gains in yesterday’s trade session with the price up by 0.21% from the previous day, closing at R38.02 per pocket (10kg). These gains came on the back of relatively lower stocks of 585 368 pockets (10kg bag) at the start of the session.
The fruit market closed on a mixed footing in yesterday’s trade session. The prices of bananas and oranges were down by 4% and 6% from the previous day, closing at R4.38 per kilogramme and R3.19 per kilogramme, respectively. Meanwhile, the price of apples was up by 2% from the previous day, closing at R7.43 per kilogramme.