Highlights in today’s morning note
The winter wheat crop is not in good shape in most parts of the Western Cape province owing to persistent dryness. The weather forecast for the next two weeks does not offer much hope. There is a possibility of light showers across the south-western parts of the province, whereas other areas could remain dry and warm.
Although the focus in the South African maize market is shifting towards the new production season, some farmers continue to deliver old season maize to commercial silos. The total maize deliveries were reported at 50 892 tonnes in the week ending 15 September 2017, which is a 13% uptick from the previous week’s deliveries.
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Yesterday the South African soybean market started the day lower and remained under pressure throughout the day due to a relatively stronger domestic currency, lower Chicago soybean prices, as well as underlying bearish sentiment on the back of large domestic supplies.
The fruit market remains quite volatile. Yesterday the prices of apples and bananas were down by 3% and 6% from the previous day, closing at R7.09 per kilogramme and R5.59 per kilogramme, respectively. Meanwhile, the price of oranges gained 4% from the previous day, closing at R4.05 per kilogramme.
The South African potatoes market lost ground during yesterday’s trade session with the price down by 3% from the previous day, closing at R33.32 per pocket (10kg).
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