Agro Business

Open market price of Soybean dips as demand declines

The open market price of soybeans has continued to fall for a second week in a row due to an excess supply and weak demand for the product. Given that soybean processors are now sitting on a sizable amount of inventory, market players believe that this pattern will likely extend into the upcoming weeks.

With a w-o-w decline of 2.78 %, maize topped the Exchange’s lagging chart. Over the course of the week, prices fell for the majority of grain products traded on the Exchange by an average of 0.13%.

The benchmark AFEX Commodity Index (ACI) and AFEX Export Index (AEI) both experienced a little week-over-week dip, falling by 0.34% and 0.05%, respectively.

Market Price Dynamics
Sorghum had the highest weekly gain on the Exchange, up 2.37%. The laggard chart was headed by maize, which fell 2.78% week over week.
Most commodities had an overall increase in price on the open market. Paddy rice was the leading gainer, increasing by 7.46% year over year.
The price of the majority of commodities increased generally on the global market.
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