CO L UMN
The international maize
situation:
International maize price:
The American corn price traded
at a level of $7/bushel for an extensive period of time after the
2012 drought. Due to the reasons
already discussed and high levels of
carry-over stock globally, the price
is declining and corn is trading at
levels of $3.7/bushel at present. It
is expected that the international
price will linger at this level, unless
a drought occurs over large parts
of the Northern Hemisphere this
coming season.
LOCAL:
White maize:
The white maize price increased
from R1 600/ton during the
second half of 2014 and is at a
level of R5 000/ton at present.
The main reason for the above
was the 2014/15 drought, which
was followed by an exceptionally
dry 2015/16 (Graph 4). The rand
also depr X