Agri-Market Synopsis, Week 41

Maize – “Local maize futures closed off Friday session on a high, with December white maize futures R44 higher and December yellow maize futures R36 highe. Maize deliveries for the week ending October 16, totalled 24 296 tons, with 17 250 tons of white maize, majority of the quality being WM1 and WM2 and 7 046 tons of yellow maize, with majority being WM1.”

Soyabean – “Local soybean futures traded higher on Friday, with December contracts closing R71 higher. Soybean producer deliveries year to date until October 16, totalled 1 206 040 tons, with 714 tons recorded for the week” – Ikageng Maluleke, agriculture economist, Grains SA.

The fourth sale of the 2020 winter season took place in Port Elizabeth today, 20 October 2020, 111 910 kg on offer of which 87% was sold. The offering consisted of some good individual clips. The competition to obtain mohair was good between the buyer houses, which is an indication of increased demand for mohair, especially for RMS-certified mohair. Although the Rand traded stronger and the yields were lower, the average market indicator increased by 5% (8% in Dollar terms) from the previous sale to close on R248.90 per kg. A highest price of R580 per kg was paid for a bale of 26 micron super style kid mohair. Compared to the previous sale, prices were as follows: Kids Up 6%, Young Goats Up 5%, Fine Adults Unchanged Strong Adults Up 5% Average Up 5%” – Mohair SA

“The yearly trend in meat prices remains upwards across categories except for poultry that is still in negative territory. Sheep meat prices show the biggest increases in the range 27% to 39% y/y largely due to the persistent drought conditions in both the Eastern and Northern Cape. After training in negative territory in the recent past, the yearly trend shows a rebound relative to last year for most categories except for class A which is 17% below the 2019 levels” – Paul Makube, agricultural economist, FNB.

“The world production of groundnuts for the 2020/21 season is estimated at 32.9 million tons which is 2 million tons more than the previous season’s production. International peanut oil production is expected to increase by around 200,000 tons in the 2020/21 season, with most of the increase expected from India. Local: In the local market, producers are once again getting ready to plant peanuts for the new season. The plantings in the irrigation areas have already started while the plantings in the dryland areas will soon start as soon as sufficient rain has fallen” – Luan van der Walt, Grains SA

“Unprocessed milk production for September 2020 is estimated at 313 million litres, 0,4% more than in September 2019. Cumulative unprocessed milk production for 2020 (inclusive of September) was 2 374 million litres, which indicates a negative growth of 0,3% for the first nine months of 2020, as compared to the same period in 2019 (source: Milk SA’s last two months preliminary)” – Milk Producers Organisation

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