In the grain market, the White Maize spot price is rising to R3930, while the Jul’24 price is up to R3979 per ton. The Yellow Maize spot price is rising to R3820, with the Jul’24 price at R3895 per ton. However, the soybean spot price is decreasing to R9343, with the May’24 price lower at R8690 per ton.

Most analysts are closely watching the United States for price movements, and recent droughts and low stock levels have put premiums in the market over the past month. Unfortunately, demand worldwide, especially from China, is not at the levels seen in previous years, putting significant pressure on the market. It is currently hot and dry in Brazil, and the market is closely monitoring for new price movements. However, if it rains there, we may see strong downward movements, especially due to weak demand. My feeling is that producers should hedge their risks this year, given the weak demand that poses significant downside price risk.

The sunflower spot price decreased to R8766, while the May’24 price is down to R8660 per ton.

The wheat spot price decreased to R6490, with the December price currently at R6160 per ton. Weak demand has also negatively affected wheat prices.

The sorghum import parity price decreased to R5759 per ton, while shelled Groundnuts from Argentina increased further to R36033 due to the ongoing drought in Argentina.