In the grain market, the White Maize spot price falls to R4266, while the Jul’24 price rises to R4238 per ton. The Yellow Maize spot price increases to R4020, with the Jul’24 price rising to R4005 per ton. The soy spot price rises to R9519, with the May’24 price higher at R9180 per ton. The sunflower spot price increases to R9135, while the May’24 price falls to R8750 per ton.

The Rand’s movement has again had a significant impact on parity prices, with the weakening after the interest rate announcement giving prices another boost. With local weather forecasts looking better locally and in Brazil, one wonders if this isn’t a good time to reduce some risk from the market.

The wheat spot price drops to R5840, with the Dec’24 price currently at R6150 per ton. Lower wheat prices are still driven by lower prices and more exports from Russia, as well as our local harvest pressure. The expectation in the Rand has somewhat limited the downward movement. World stocks remain high, but they could come under pressure again next year, pushing prices up.

Furthermore, we have seen that the sorghum import parity price falls to R6317 per ton, with hulled Groundnut from Argentina higher at R36,935 per ton. Lucerne grade 1 prices remain at R4000 per ton.