Consistent Market Pressure on Prices of Grains Ahead of the Year End and New Year Seasons

Ahead of the Year End festivity, the price of grains on the Exchange and in the Open market increased w-o-w as buy pressure weigh on existing supply. Maize, soybean and cocoa increased by 7.21%, 1.30%, 0,01% w-o-w.

In the international market, cocoa plunged by 6.69% for the second consecutive week because of the ongoing harvest in cocoa-producing countries. We witnessed this same trend in the domestic market as the cocoa price plunged 6.10%.

The ACI and AEI increased by 0.08% while the AEI dipped 0.47% respectively. 

With the consistent weakening of the naira against the US dollars, induced by the Year End import surge, we expect commodity prices to remain pressured northwards. 

Market Price Performance

• The increased volume of cocoa in the global market due to the ongoing harvest in major producing countries led to the second week decline in its international price.
• In the domestic market, cocoa declined for the second consecutive week in the open market.
• Investors on the Exchange priced maize and soybean higher W-o-W.

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