Bears Dominate the Grain Market last week at AFEX

The declining trend witnessed in the price of grains on the Exchange and in the Nigerian open market has endured w-o-w has large buyers remain absent in the market. Paddy rice plunged the most in the open market by 5.72%.

On the Exchange, maize topped the laggard chart dipping 7% w-o-w during the period. However, our benchmark index, the ACI gained marginally by 1.80% outperforming the ASI and the S&P GSCI index. Also, the AEI plunged marginally by 0.70% during the period.

In the international market, the ongoing crisis between Ukraine and Russia has led to pressure on the prices of agricultural commodities like wheat.

Market Price Performance

• The price of cashew surged on the Exchange W-o-W.
• Due to low influx buyers in the open market, grains prices continue to collapse.
• Global grains price leapt because of the ongoing Russia-Ukraine crisis.

Check out other relevant details on market performance by accessing the report here.