Standard Bank_ Agribusiness Biweekly Insights: Filed Crops Report (01 September 2023)

Field Crops


The Crop Estimates Committee (CEC) released the seventh summer crop and first winter crop estimates for the 2023/24 marketing year (MY). Maize production was revised upwards by 0.3% from the previous estimate to 16.41 million tons (second-largest and up by 6% y/y). Soya bean production was unchanged at its record of 2.755 million tons (up by nearly 24% y/y). Sunflower seed production was revised downwards by 2% to 743 610 tons (down by 12% y/y). Groundnuts were unchanged at 51 910 tons (up by 7% y/y). Sorghum was revised downwards by 2.8% to 97 740 tons (down by 5% y/y). Wheat production is estimated at 2.14 million tons, up by 1.5% y/y from higher average yields. South Africa could require wheat imports of about 1.5 million tons to meet domestic demand (1.6 million tons in MY 2022/23). Barley production is estimated at 380 020 tons, up by nearly 26% y/y; canola is estimated at 243 950 tons, up by 16% y/y; and a big increase of 119% y/y is forecast for oats to 60 200 tons, due to average yields that are expected to double. Overall, the winter crop is in good condition.

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