Green Week for Grains in the Commodities Market
Most grains closed in the green over the previous trading week, giving gains to Exchange investors. Grain performance was led by sorghum, which increased 8.62% week over week.
In the open market, all grains closed higher, with soybean leading the gainers’ list. Due to the increasing demand, grain prices have been on the rise over the last few weeks.
The AFEX Commodity Index increased 1.79% to close at 495.08 index points as a result of the broad rise in grain prices. The AFEX Export Index, however, fell 0.78% and finished the week at 245.66 points. Market participants believe that the naira redesign policy’s disruption of the money supply will likely hamper trading activity in the domestic market.
Do you want to learn more about the market trends and performance that will affect the commodities industry in 2023 in the meantime? Come watch us unveil the AFEX 2023 Annual Commodities Outlook tomorrow at 10am on Zoom.
Market Price Performance
- Reviewing the Exchange’s most recent trading activity, prices shown a range of performances. Soybean and cocoa both experienced slight weekly declines of 1.56% and 0.26%, respectively.
- The cost of cereals was on the rise in the open market. Due to strong demand, soybean topped the gainers table with a gain of 5.55% week-over-week.
- With the exception of ginger, whose price fell by 2.74%, most commodities saw increases in price on the global market.
- Access the study here to view further pertinent information on market performance.
