Expected Downward Pressure on Grain Prices in the AFEX market

During the week, the Exchange recorded an increase in the prices of most grain commodities. Paddy rice was the top gainer, gaining 14.33%. However, sesame and soybean declined by 2.41% and 0.8% respectively. The market saw a decline in the prices of most grains in the open market, with sorghum topping the laggard chart, dipping by 10.44%.

Traders are anticipating that prices of grains will continue to decline in the open market due to reduced market activity and farmers’ preparation for the harvest season.

Market Price Performance

• The Exchange price of cocoa has remained the same for the third consecutive week. However, we saw an upward movement in the prices of paddy rice, sorghum, and maize. Paddy rice topped the gainers chart, gaining 14.33% w-o-w.
• In the open market, price of paddy rice maintained its rising trend by gaining 0.68% while sorghum, soybean, and maize fell by 10.44%, 3.64%, and 0.75% respectively. Compared with the beginning of the year, prices of commodities fell except for paddy rice, sesame, and cashew.
• The supply chain constraints and ongoing crisis in the Black Sea region have caused international price of commodities to keep rising, W-o-W.

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