The white maize spot price rises to R5780 per ton, with the Jul’25 price dropping to R4370. The yellow maize price decreases to R4875, with the Jul’25 price dropping to R4185 per ton. The soybean spot price drops to R8630, with the May’25 price rising to R7950 per ton. The sunflower spot price drops to R9120 per ton, with the May’25 price standing at R8930 per ton. The wheat spot price drops to R5990, with the Dec’25 price now at R6102 per ton. The sorghum import parity price landed in Durban is R5644, with shelled Argentine groundnuts at R23,713, and the cotton price now stands at R10,370.
On the technical level, there was not much movement with maize, soybeans, and sunflower, which are in a downward trend in the short term but still in an upward trend over the longer term. However, wheat is the opposite, with the short-term being in an upward trend and the long-term still in a downward trend.
Internationally, it is now expected that America will plant about 4% more maize next season and that soybean plantings will decrease by about 3.6%. The chances of this happening are quite good, as Brazil is again producing a record soybean crop this year, making maize profitability much better compared to soybeans in the USA. In terms of wheat, there are still concerns about the amount of damage the US wheat crop has suffered, but we will have a clearer idea by the end of March. News from Africa indicates that Zambia has received good rainfall and is expected to harvest 3.5 to 4 million tons of maize, and if the good growth conditions continue, it could even be more. If this materializes, we expect Zambia to supply the DRC market with maize, and our exports to the rest of Africa could decrease, putting pressure on prices.
Locally, we are seeing all grains, except for white maize, trading in a downward trend. Since yellow maize and soybeans are planted more in the eastern part of the country, we expect that by mid-March, early maize and soybeans will be harvested, putting pressure on prices. White maize is mostly planted in the west of the country, and we expect that harvest to begin towards the end of April, early May, and low stock will still keep the price high. In terms of delivery months, the July contract for maize and the May contract for soybeans and sunflowers are still in a downward trend. The expectation is that, although we may have a slightly better crop than last year, it will still not be a large crop, but Thursday’s crop estimates report will give us a much better idea of what to expect this season and will provide significant direction for the markets.
