Maize:

CBOT corn prices rose by 3,1% both week-on-week and month-on-month, buoyed by weather-related concerns in the U.S. during planting. However, the USDA reported that U.S. corn planting reached 27% complete on April 29, up from 12% the previous week and surpassing the five-year average of 22%. CBOT corn prices remained notably lower year-on-year, decreasing by 30,8%. SAFEX maize prices decreased week-on-week by 1,7% and 0,6% for white and yellow maize respectively for the week ending April 26 undermined by better than expected maize production forecasts.

Despite the challenging El Niño conditions, domestic supply is still projected to meet domestic demand. However, the anticipated deterioration of the white maize harvests is expected to provide price support over the next few months for producers.

Wheat:

CBOT wheat prices followed an increasing price trend, reaching four-month highs on April 26 on weather-driven price support. Adverse weather for major wheat producing countries in the Northern Hemisphere raised concerns about crop stress and yield prospects. Nonetheless, wheat conditions remain relatively robust, aligning with forecasts indicating a shift in global wheat supplies towards a surplus, in contrast to the shortages experienced over the past several years. SAFEX wheat prices increased by 2,6% week-on-week and by 3,0% month-on-month for the week ending April 26 supported by gains in CBOT wheat prices and the expected local production decrease on the back of reduced area planted.

Oilseeds:

CBOT soybean prices traded sideways week-on-week for the week ending April 26 and decreased by 2,1% month-on-month on rising South American competition. SAFEX soybean prices declined by 2,6% week-on-week and 4,3% month-on-month, while sunflower seed prices also decreased by 2,7% week-on-week and 5,5% month-on-month. These price declines were attributed to better-than-expected local production forecasts, despite dryer and hotter production conditions as well as lower CBOT soybean prices. The CEC revised the local sunflower production forecast up by 4,4% compared to the second production estimate and they left soybean production unchanged.

Read full report here: 2024.05.02_AgriTrends_Grains_Oilseeds_.01