A crippling drought has affected maize output and will see SA importing the staple food to plug a shortfall.
Declines in vegetable oil and dairy prices drove the United Nations Food and Agriculture Organisation's food price index to 164.6 points last month - the lowest in six years.
But maize and wheat prices rose for the second consecutive month as unfavourable weather conditions persisted in the northern hemisphere.
Grain SA estimates that the country will need to import 766,000 tonnes of maize this year because of the drought and higher global prices will make this option costly as the Rand continues to take a beating.
Grain SA economist Wandile Sihlobo said domestic white maize spot prices were 81% higher than a year ago while those of yellow maize had risen 47%.
Source: Business Day
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
