Commodities Market Update: Maize and sorghum sustain a 2-week dip amid supply glut
In the open market, Maize and Sorghum sustained a 2-week dip, plunging 3.73% and 0.02% respectively. This was attributed to a supply glut in the market.
In the last trading week, the Exchange recorded a mixed performance. Maize stood as the top gainer w-o-w. Last week, Maize and Soybean stood as the most traded commodities on the Exchange, constituting 74% of the total volume traded.
The AFEX Export Index (AEI) declined 2.94%, closing the week at 204.19 index points.
New volumes of sorghum are expected to hit the market as harvest continues, which may further moderate the price for the commodity in the coming weeks
Market Price Performance
- The Exchange witnessed mixed performances across commodities traded during the last trading week. Maize stood as the top gainer.
- A mixed performance was also observed in the open market last week. Soybean topped the gainers chart w-o-w.
- International prices of Wheat and Maize lost 1.58% and 0.51%, respectively W-o-W while others gained.
Check out other relevant details on market performance by accessing the report here.