Commodities Market Update: Prolong Early Harvest Induced Price Decline in Grains

Last week ended with grain prices declining further for the fourth consecutive week in the open market. The Exchange witnessed low activities during the period with trades executed only on Cocoa, Cashew, and Soybean respectively.

Prices on the Exchange remained unchanged except for Cocoa and Cashew which appreciated by 3% and 2% respectively. Soybean, however, slumped 9.27%.

Ahead of harvest, farmers anticipate higher volumes in a bid to take advantage of higher prices year on year.

Market Price Performance

• It was a much quiet week on the Exchange than in previous weeks. All commodities except soybean, cocoa, and cashew maintained their prices from the previous weeks.

• The price of grains in the open market declined W-o-W as a result of the low prices of their new harvest. The price of maize slumped lower than the 2021 start price.

•  In the international market, soybean declined marginally W-o-W driven by low US prices.

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