Directorate: Economic Services
Sub-directorate: Economic Research
Closing prices at Friday
1 year ago
(18/02/2010) / Last week (11/02/2011) / This week (18/02/2011) / w-o-w % change
RSA White Maize per ton (Mar contract)
RSA Yellow Maize per ton (Mar contract)
USA Yellow Maize per ton (Mar contract)
RSA Wheat per ton (Mar contract)
USA Wheat per ton (Mar contract)
RSA Soybeans per ton (Mar contract)
USA Soybeans per ton (Mar contract)
RSA Sunflower seed per ton (Mar contract)
Exchange rate R/$
Oil price per barrel / R1 023.00
R1 148.00
$141.73
R2 092.00
$181.73
R2 650.00
$349.57
R3 235.00
R7.68
$76.61 / R1 645.00
R1 698.00
$274.95
R3 382.00
$316.73
R4 330.00
$526.53
R4 850.00
R7.30
$101.23 / R1 616.00
R1 660.00
$280.54
R3 325.00
$312.54
R3 800.00
$516.02
R4 596.00
R7.14
$102.52 / -1.8%
-2.2%
2.0%
-1.7%
-1.3%
-12.2%
-2%
-5.2%
-2.2%
1.3%
Discussions
A move by China to raise its reserve requirements on banks to curb inflation has weighed heavily on both international and local grain markets, causing a weekly drop in grain prices. Soybeans, one of China’s major imported grain, has been hard hit, showing price declines of 2% for the US and 12,2% locally. US wheat also lost 1,3% in this week’s trade as sellers feared a move by China could threaten demand, while maize remained on course for a weekly price gain of 2%. Meanwhile South African wheat prices dropped by 1,7% while white and yellow maize prices declined by 1,8% and 2,2%, respectively as the Rand added to the weaker tone - the Rand firmed by 2,2% against the US dollar. Oil price surged to more than $102 a barrel this week as concern about unrest in the Middle East escalated.
Latest news developments
As truck drivers’ wage strike ensued this week, some petrol stations ran dry raising concerns that a prolonged walkout could deal a blow to the country’s economy. Meanwhile, motor trade sales for December rose 12,8% year-on-year, down from a revised 18,6% in November 2010. SA wine producers are pushing to get market access in China to boost sales and open new markets following reduced demand in Europe due to drawn out economic recovery and reduced income due to a strong Rand. According to VinPro, net wine farming income had declined from R5 781/ha in 2005 to R3 696/ha in 2010. Poor harvest is expected in the rooibos industry due to poor rains experienced during last year’s planting season and is expected to put pressure on retail prices this year, the South African Rooibos Council reported. A sharp increase in fruit exports from SA in the past year has driven fruit prices higher in recent months, fruit prices surged 7,1% month-on-moth.
Rose Mukwevho
Tel: 012 319 8115 or Cell: 073 248 9486, Email: )
Source: SAFEX, Reserve Bank, Business Day, Stats SA,Disclaimer: DAFF will not be liable for results of actions based on this price watch