Increasing grain and oilseed prices continue to drive high food costs
According to a recent report released by the Food and Agriculture Organization of the UN, the underlying drivers of high food prices have continued to lead to increases in oilseed and grain prices. In terms of oilseeds, this is driven by a surge in crude oil prices, while for grain, substantial increases in global wheat prices were the main feature in September.
MAIZE
Maize prices in early October were, on average, about 2% lower). This was driven by an appreciation in the rand/ US dollar exchange rate during the first week of October, and a slight decrease in global maize prices. Global prices decreased on the back of the US Department of Agricultureâs (USDA) stocks report, which pointed to stocks being higher than initially anticipated, resulting in global prices being pushed down.
