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.