There were numerous data releases this week (ending 1 December 2017) in the domestic grain and oilseeds market, with the most notable one being the National Crop Estimates 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, soya beans and sunflower seed were under pressure this week due to the stronger domestic currency, lower international prices, as well as the favourable outlook for the new season.
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.