In the grain market, prices have traded very unpredictably over the past few weeks, but looking at the longer-term prices, they have mostly traded sideways, especially when it comes to maize. The White Maize spot price rose to R3675 last week, while the Jul’24 price increased to R3959 per ton. The Yellow Maize spot price rose to R3695, while the Jul’24 price increased to R3887 per ton. However, the soybean spot price has risen more sharply, trading at R9715, with the May’24 price higher at R8980 per ton.

As mentioned last week, the heatwave and dry weather in America are having a significant impact, especially on soybean prices, as the soybean season is in a critical period. Therefore, the expectation is that the harvest could be smaller, and the maize harvest could also be negatively affected. At the same time, exports to Mexico have been booked, and we can also expect better demand from China as their economy improves. I therefore believe there is still upward potential over the short term.

The sunflower spot price moved sideways to R9280 last week, while the May’24 price remains at R8849 per ton. The wheat spot price also moved sideways to R6690, with the December price higher at R6475 per ton. Many sales at low prices from Russia are keeping wheat prices low worldwide, while there was less news about the geopolitical tensions.

The sorghum import parity price dropped to R5594 per ton due to significantly better crop quality compared to the previous production season. Shelled Groundnuts from Argentina rose to R34600, while Grade 1 lucerne prices dropped to R4000 per ton.