While the recently improved weather conditions kept the South African grain and oilseed prices under pressure in the past few weeks, the slightly weaker Rand against the US Dollar and higher Chicago grain prices provided support to the local market this week (ending 9 March 2018).
The notable gains were on soya beans and white maize with spot prices each up by 3%, respectively, compared to last week (ending 2 March 2018). Sunflower seed and yellow maize also had a good run this week with spot prices each respectively up by 2% from last week.
On the weather front, conditions remain favourable for the new season crop, following the South African Weather Service’s monthly update which noted a possibility of above-normal rainfall in summer crop areas between this month and May 2018.
The week ahead (ending 16 March 2018) could present more of the same as the data calendar is quite light with only weekly grain trade and deliveries data due for release.
Apart from grains and oilseeds, the fruit and vegetable prices were volatile this week with large daily stock levels underpinning the market. The SAFEX beef carcass market experienced another quiet week with prices unchanged from levels seen last week.