In the grain market, the White Maize spot price rises to R4049, while the Jul’24 price rises to R4079 per ton. The Yellow Maize spot price rises to R3930, with the Jul’24 price rising to R4034 per ton. The Soybean spot price rises to R9740, with the May’24 price higher at R8968 per ton.

News from America indicates that the Mississippi river levels are still near record lows, making grain exports more difficult, while the WASDE report did report lower production. However, the lower production is still better than the market expected, but most analysts feel that maize and soybean yields can still be adjusted lower as their harvest process gains momentum. For soybeans, the focus now shifts back to Brazil with their first plantings starting soon. Their weather conditions will now play a more significant role in price movements.

The Sunflower spot price drops to R9016, while the May’24 price drops to R8698 per ton.

The Wheat spot price remains steady at R6675, with the Dec price being raised and currently trading at R6291 per ton. The WASDE report last week reported that global wheat stocks have been adjusted downward due to droughts in Canada, Russia, Ukraine, Argentina, and Australia currently, which should have led to higher prices last week. However, Russia, the largest exporter globally, is still selling wheat at very low prices, which is keeping the world price low. There is, therefore, upward potential for the market currently, especially if the war in Ukraine escalates again.

The sorghum import parity price drops to R5719 per ton, while shelled Groundnuts from Argentina continue to rise to R34829 due to the ongoing drought in Argentina.