Last week all grain commodities closed in the green territory, returning gains to investors on the Exchange. Prices are not looking to halt the upward trend soon as demand pressure and hoarding activities of traders prevail.
Sorghum led the performers’ chart closing 11.26% on a week-on-week basis. Cashew followed closely with a 10.40% performance during the same period. Cocoa, however, declined 4.69%.
A total of 11,983,230 contracts were closed on the Exchange last week with maize accounting for 77.26%.
Grain prices are expected to continue trends witnessed in the last 3 weeks due to strong demand coupled with the limited volumes available in the open market.
Market Price Performance
- Paddy rice outperformed other commodities on the Exchange on a Year-to-Date basis.
- Soybean open-market price declined slightly after its two-week surge due to increased volumes available in the North-Central region of Nigeria.
- China’s falling hog margins and increased wheat feeding curbed demand for maize, soybean, and paddy rice, moderating international prices.
Check out other relevant details on market performance by accessing the report here.