Maize: CBOT corn prices followed an upward trend, reaching 13-month highs in January driven by the U.S. tighter supply outlook and hot and dry weather in Argentina. CBOT corn prices increased by 8,5% month-on-month and they were 8,7% higher compared to the year prior by mid-January. SAFEX white maize prices followed an increasing trend trading at record high prices. Prices surged significantly year-on-year due to base effects. High local and regional maize demand as well as increasing global corn prices supported prices.
Wheat: By mid-January, CBOT wheat prices increased by 1,1% month-on-month, supported by the stabilization of Russian wheat prices. SAFEX wheat prices increased by 4,6% month-on-month trading around the R6000 per ton mark since the beginning of January. Prices are expected to trade sideways around the R6000 per ton mark for the
coming few weeks.
Oilseeds: CBOT soybean prices have been on an upward trend since early January, supported by lower estimates for production and ending stocks of the 2024/25 U.S. production season. Additionally, dry weather conditions in Argentina provided additional price support. CBOT soybean prices increased by 6,1% month-on-month and remained notably lower year-on-year. SAFEX Soybean followed global soybean price increases, increasing by 3,2% month on month. Prices are expected to trade slightly lower in the coming months due to improved weather prospects, both locally and for major soybean producer, Brazil.
Source: Agri Trends: Grains and oilseed reportÂ
