Bears Dominated the Maize and Soybean Market last week

In a review of last week’s price performance, maize plunged for the second consecutive week by 4.12% w-o-w to maintain a bearish trend on the Exchange after the commodity closed at NGN200,573/mt as of Friday. Soybean also dipped by 3.15% to close at NGN400,312/mt during the same period.

A total of 3,479,285 contracts were settled on the Exchange with paddy rice accounting for 60.46% of the total volume traded on the Exchange. At the close of trading last week, the AFEX Commodities Index (ACI) dipped marginally by 1.23%.

In the open market, maize and soybean dipped for the third consecutive week as farmers clear out inventory, while processors sit on large inventories that are not yet used up.

Market Price Performance

• During the week, the prices of most commodities were flat on the Exchange. However, the price of maize and soybean fell by 4.12% and 3.15% respectively while paddy rice gained 2.02% W-o-W. paddy rice, cashew, and sorghum gained 14.94%, 11.84%, and 57.56% respectively Y-t-D on the Exchange.
• In the open market, the price of maize and soybean fell for the third consecutive week while paddy rice gained for the fourth week.
• The international prices of maize, sorghum, cocoa, sesame, and cashew has continued to rise W-o-W while soybean fell for the eight consecutive week. Y-t-D, all the commodities except cocoa, ginger, and cashew gained.
• Check out other relevant details on market performance by accessing the report here.