Apart from the United States Department of Agriculture’s World Agricultural Supply and Demand Estimates report, and domestic weekly grain trade and producer deliveries data, this was a fairly quiet week in the South African grain and oilseed market.
The marginal decline in maize and soya bean prices was underpinned by harvest pressure and the bearish sentiment emanating from lower Chicago grain prices. The wheat and sunflower seed market maintained the gains, and ended the week (15 June 2018) on a positive footing.
The week ahead could present more of the same as the data calendar is quite light with only weekly grain trade and deliveries data due for release.
The weather will remain a key focus in the market as it continues to influence the harvest activity of summer crops and growing conditions of new season winter crops. The outlook for next week is positive for both summer and winter crops.
The SAFEX beef carcass market experienced a quiet week with prices unchanged from levels seen last week (ending 8 June 2018).– Wandile Sihlobo, Agbiz
Wandile Sihlobo, head of economic and agribusiness intelligence at Agbiz, shares highlights in his update on agricultural commodity markets. Click here for the full report on agri markets for the major commodities.