The South African Crop Estimates Committee expects a total maize crop of 13,9 million tonnes in 2017, the highest crop since 2014. An estimated 2,63 million hectares of maize have been planted and an average yield of 5,3 tonnes per hectare is expected. The anticipated larger crop and somewhat stronger rand have resulted in futures prices on Safex moving downwards. March 2017 YM1 maize is quoted at R2 369 and July 2017 YM1 maize at R2 030. The prices are still higher than the calculated export parity. However, maize consumers must keep a watchful eye on prices, as the chances are slim that prices will decrease to export parity.
Published on Mon, 6th Mar 2017 - 12:24