Maize
CBOT corn prices rebounded from four-year lows, increasing by 12,2% to three-month highs in mid-September, compared to a month prior. While production conditions remained favourable throughout most of the U.S. 2024/25 production season, dry conditions from mid-August forward have weighed slightly on the market, presenting price momentum. SAFEX maize prices edged higher month-on-month, increasing by about 4,0% in mid-September on the back of the elevated regional maize demand and global price increases on the back of a weaker dollar.
Wheat
CBOT wheat prices regained some momentum, increasing by 14,6% and 11,5% month-on-month for CBOT SRW and HRW respectively by mid-September. Weather-induced crop losses for the European Union (EU) coupled with dry conditions in Ukraine and Russia supported CBOT prices. SAFEX wheat prices reversed the gains that were apparent in August, decreasing by 3,8% month-on-month in mid-September.
Oilseeds
Hot, dry weather in parts of the U.S. during August also raised yield concerns for the soybean crop. Consequently, CBOT soybean prices regained some ground, increasing by 5,7% month-on-month. SAFEX soybean prices traded sideways around the R8500 per ton mark since August while SAFEX sunflower seed prices increased by 2,5% month-on-month.
