Weekly Market Report 25 July 2018
USD/ZAR Exchange rate: The Rand is currently quoted at R13.28 per US Dollar, 3 cents stronger in than last week. The Rand weakend initially as expected but managed to make some gains yesterday following bond inflows of R1.6 billion Rand into the bond market. Be careful of the cup and handle technical formation that is forming in the short term. A break of the resistance will result in further Rand weakness. Technicals are however still pointing to further rand strength with the bottom of the bullish channel acting as support.
Soya bean meal: Soya bean meal for Aug 2018 is currently trading at 327.4 dollars per short ton down 2.6 dollars in the week. Prices are still trading very range bound both in the short (daily) and long (monthly) term. Wait for a break of the rising wedge formation on the monthly chart on the next page for an indication of a longer term price movement. Sep 2018 is trading at 326.9
Argentine soya bean meal premiums: Arg Premiums Sellers Buyers change sellers change buyers A +10 NO BUYERS 5 - S +14 +10 3 4 O +18 +15 - - OND +20 +16 5 2 * Down * Up
Local Market: Sep 2018 Dec 2018 Mar 2019 Sep 2018 change in last week Dec 2018 change in last week White maize 2092 2162 2214 51 60 Yellow Maize 2171 2244 2287 65 64 Wheat 4212 4199 4284 122 65 Sunflower 4697 4851 4849 182 193 Soya 4445 4586 4682 174 179 Sep 2018 Yellow Maize: * Down * Up Mar 2019 change in last week
Weather: Notes: MIDWEST Drier weather is expected for much of the week ahead. The Wester and Southwest areas might expect wetter weather. Soil moisture should be supportive for crop development in the Midwest region. Northern Missouri is fairly dry and needs rain to prevent further declines in yields. There is however a chance for rain in the week ahead. SOUTHERN PLAINS In the Central and Southern Plains, increasing showers and eventually cooler weather during this week should help ease stress in key corn and soybean areas. Showers have developed in the Western areas during the night. The main Central and East growing areas may not see significant rain occur until the Thursday-to-Saturday timeframe. WEST TEXAS West Texas sees no significant rain forecast during the next week. There is however a chance for showers later this week in the Texas Panhandle. Temperatures will be in the upper 90s to low 100s Fahrenheit Monday, lower Tuesday, and low to upper 90s F Wednesday through Sunday. NORTHERN PLAINS Northern Plains will experience favourable weather in the week ahead, which results in favourable soil moisture for developing crops. Little rainfall during the next seven to 10 days will deplete soil moisture; however, due to a lack of hot weather, little crop stress is expected. Source: SAWB/GRADS/NASS/DTN/AWB/CWB/Intellicast/FNMOC/Unisys/DTN/NOAA/YR/KBWS/Wunderground/TWC WordPress/ WXRisk/Drovers/TWC/AG-BoM/weather.com/Accuweather/spc.noaa/http://soybeansandcorn.com/ agrimoney.com/agweb.com/blackseagrain.net/ec.europa.eu/timeanddate/yr/myweather2/meteox/meteoblue/
ACKNOWLEDGEMENT TO WXMAPS.ORG GFS= Global Forecast System Available at: http://weatherphotos.co.za/rain_wxmaps_sixdays.html