ABSA- Agri Trends: Grains and Oilseed Report: 15 September 2023

Agri Trends –Grains and Oilseed 

Local market focus shifts to the upcoming summer crop season.

Maize: CBOT corn prices decreased by 1.1% week on week for September 12, following the release of the U.S. crop estimates which were better than expected. Corn harvest has started in the U.S., with the condition rated at 52% good to excellent, down 1% from a year ago. SAFEX maize prices followed a divergent price trend when compared to global corn prices, increasing both week on week and month on month with white maize prices increasing by 7.6% compared to a month and yellow maize increasing by 6%. Weather developments will be important to monitor both locally and for the other Southern Hemisphere regions as they come into production and focus shifts from the Northern Hemisphere production.


Wheat: CBOT wheat prices continued their downward price trend, weighed by the lack of demand for U.S. wheat coupled with large supplies from top exporter Russia. The CEC’s 1st production forecast for the 2023 season is 1.5% higher than the previous season at 2.14 million tons despite a 5.4% decrease in area planted for the season. SAFEX wheat prices traded sideways month on month.


Oilseeds:  CBOT soybean prices followed a decreasing trend since the end of August, decreasing by 5% month on month on September 12. This came even after the WADSE report revised the U.S soybean production down by 1% as analysts had expected the crop to be extremely adversely affected by the dry and hot weather which persisted during the period when the U.S soybean crop is most prone to climatological damage. SAFEX Soybean prices traded sideways week on week and were 5.5% higher when compared to a month ago for  September 12. SAFEX sunflower seeds traded sideways both weekly and monthly

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