In the grain market, the white maize spot price decreased to R3600 last week, while the Jul’24 price decreased to R3864 per ton. The yellow maize spot price dropped to R3616, and the Jul’24 price decreased to R3830 per ton. However, the soybean spot price remains at a high level, trading at R9635, with the May’24 price higher at R9000 per ton.

The big news in the grain market was the ProFarmer Crop Tour, which concluded last Friday in America and brought forth very interesting figures. Soybean and corn yields were adjusted downward due to the extreme heatwave, and this had a particularly positive effect on soybean prices, which were already under pressure due to low stock levels. This also helped corn and wheat prices, even though the direct effect is not as significant on those markets.

However, there is still concern about demand from China, which is generally lower. If you’re in the process of planning for the upcoming season and need to decide between soybeans and corn, you should be very cautious about using current prices as a basis for your decision. I believe there is much more downward potential for soybean prices towards Jul’24 compared to maize, as soybean production is expected to be significantly higher worldwide next season.

The sunflower spot price dropped to R9025 last week, while the May’24 price decreased to R8550 per ton. The wheat spot price decreased to R6438, with the December price lower at R6252 per ton. I still believe there is downward potential for wheat until December, with prices possibly trading closer to R6000.

The sorghum import parity price dropped to R5591 per ton, while dehulled groundnuts from Argentina dropped to R33535.