Maize, Soya prices fall as Wheat prices pick up

 Maize, Soya prices fall as Wheat prices pick up

By Staff Writer

The month to month price of maize in the market dropped by 4 percent in July to settle at 299 dollars per tonne.

However, the FNB Monthly agribusiness report shows that the price of maize actually improved by 35 percent compared to same period last year.

The strong price is attributed to the appetite by millers and buyers to buy early and hold on to stock.

But FNB’s Agriculture Specialist Mwamba Chokolo also attributes the strong maize price to less than anticipated yield for the 2022 maize crop which is estimated at 2.7 million.

In view of this, Chokolo warns that 1.6 million Zambians are at risk of food insecurity in the 2022 marketing season.

As for soya beans, FNB says the honeymoon prices for edible oils and Soya to be specific have come to an end.

The commodity closed the month of July trading at 480 dollars per tonne registering a sharp fall compared the price last year.

The drop in price has cascaded down to the price of soya meal which has seen a fall from 600 dollars per ton to the current trading price of between 450 and 480 dollars per ton

According to the FNB agribusiness monthly report, the price of the commodity will further fall as the 2023 soya bean harvest period dawns.

Wheat prices on the other hand seem to be posting an 8 percent improvement for the same period with September 2022 delivery being signed at between 550 and 600 dollar per ton.

The price improvement is largely attributed to the ongoing conflict between Russia and Ukraine for which the two countries produce a sizable quantity of wheat.

Zambia’s wheat output currently ranges from 330,000 to 350,000 metric tonnes per annum putting the country at a 100,000 supply deficit.

The government, especially in the wake of the Russia – Ukraine war waived import duty of 10 percent on all wheat and wheat product imports to ease any unforeseen supply disruptions.