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Maize imports will be costly for SA
The upward trajectory in the maize price has continued, despite global food prices falling to a six-year low last month.
Nitr via Fotolia
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
Source: I-Net Bridge
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