Price of Grains Dip Further in the Commodities Markets Amid Early Harvest

The African Commodities Exchange witnessed low activities last week. In the open market, Soybean was down by 11% w-o-w followed by Paddy rice and Ginger with a respective share of 4.52 and 4.58 following early harvest for commodities.

In the international market, there was a recorded decline in the prices of Maize and Soybean by 2.80 and 2.96 w-o-w respectively. Farmers are optimistic compared to last year and are positioned to take advantage of the high price of commodities, given the high demand for Nigeria Cocoa, prices will be pressured upward.

The AEI and ACI remain flat to reset upon 2021/2022 trading season.

Market Price Performance

•  The significant decline recorded in soybean W-o-W drove its YtD performance to negative. Its ongoing harvest has been the major driver of its price.

• In the international market, soybean and maize declined W-o-W.

• Market participants expect more upward pressure on cocoa price amid higher demand for Nigerian cocoa.

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