Commodities Market Update: Maize Sustains Positive Run, Tops Gainers’ Chart

In the last trading week, commodities closed flat on the Exchange except for Maize, Paddy rice, and Ginger. Maize topped the gainers’ chart, appreciating 2.44% to sustain a 2-week positive run. However, Paddy rice dipped marginally by 1.10% after a 2.01% gain upper week.

The Exchange witnessed a 75.43% increase in the volume of contracts traded, with Maize being the most traded commodity.

Experts speculate upward pressure in the price of paddy rice on the back of flooding reports in some major rice-producing states amid growing demand pressure. 

The AFEX crop survey analysis reveals over 60% of farmers used fewer bags of fertilizer during the planting season, posing a major concern for the production outlook this wet season.

Additionally, we are excited to announce that the 2022 AFEX crop production survey report will be out soon to help food processors, investors, and other participants on the Exchange to get more comprehensive data on crop production in Nigeria and make an informed trading decision. Stay tuned.

Market Price Performance

• The commodities on the Exchange maintained a muted performance. However, Maize gained 2.44% W-o-W while Paddy rice and Ginger declined by 1.10% and 0.02% respectively.
• In the open market,  W-o-W performance of  commodities shows that Paddy rice, Cocoa, and Sesame gained while Maize, soybean, Wheat, and Sorghum fell.
• The international price of Paddy rice, Cocoa , and Ginger fell by 1.95%, 1.47% , and 29.49% respectively, W-o-W.

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