Since the release of the official crop production estimates, South African agricultural commodity markets have generally been on a bearish path.
This week was no exception. There was widespread bearishness in the markets, excluding the wheat and sunflower seed markets which managed to gain ground and closed in positive territory – mainly supported by strong domestic buying interest.
Meanwhile, other grains and oilseeds commodities were pressured by prospects of large domestic supplies, lower Chicago prices and the relatively stronger Rand against the US Dollar.
The SAFEX beef market saw a fairly quiet week, with prices unchanged from the previous week’s level. For fruits and vegetables, the week has again been fairly wobbly with daily volumes/stock levels underpinning the market. – Wandile Sihlobo, Agbiz