In the International Commodity Market, Maize and Soybeans prices increased marginally in September; by 4.1% and 7.3% M-o-M respectively. Paddy rice average monthly price also increased by 2.0% due to seasonal market liquidity from Asian producers. With the depletion of global stocks of paddy rice, production areas in South-east Asia experienced limited water supply for irrigation thereby prompting production revisions causing prices to increase for the commodity.
Furthermore, the global stocks for Soybeans have also been impacted by the low production from the USA. Exports from South America and Europe have however bridged the gap but not sufficiently enough to moderate market prices.
The open market prices for Maize and Soybeans increased by 1.55% and 5.07% M-o-M respectively in response to the termination of the lean season of the crop calendar in the agrarian North which indicates the beginning of harvests from the current planting season which will span Q4, 2020.
The Exchange executed prices for the month under review increased for Maize (5.12% M-o-M) and Paddy rice (6.12% M-o-M) due to the transmission effects from commodity scarcity .