Maize
Good U.S. corn rating, coupled with expectations of large harvests in the U.S. weighed on CBOT corn prices, decreasing by 9,0% month-on-month. SAFEX yellow maize continued to trade above export parity prices while white maize prices continued to trade at a premium of about R1 300 to yellow maize. High white maize demand from neighboring countries continued to support prices, increasing by 44,7% compared to a year ago.
Wheat
In mid-July, CBOT wheat prices reached four-month lows, with notable declines for CBOT HRW wheat due to the pressure from advancing harvests in the northern hemisphere. CBOT wheat prices decreased by 5,0% compared to a month ago and remain notably lower compared to a year ago. July began with extreme weather conditions for the Western Cape, leading to excessive rainfall however little damage was reported on the crops. SAFEX wheat prices lost momentum, decreasing by 3,9% month-on-month on July 17 as lower global wheat prices continued to put pressure on local prices.
Oilseeds
The CBOT soybean market continued to lose momentum, decreasing by 3,9% week-on-week on July 17 and by 6,0% month-on-month. This decline is attributed to good production prospects for the 2024/25 U.S. season, with minimal concerns over supplies due to favorable weather conditions. CBOT soybean oil traded higher month-on-month, increasing by 6,3% on the back of firm U.S. biofuel demand. SAFEX soybean prices lost momentum month-on-month, decreasing by 5,0% following the global soybean price declines. SAFEX sunflower seed prices regained momentum following global sunflower seed price increases, increasing by 3,0% month-on-month.
Download full report below:2024.07.18_AgriTrends_Grains_Oilseeds_
Source: ABSA AgriTrends
