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1. Domestic Grain Prices 13 Apr 2018 – 19 Apr, 2018.
April Maize Chmaize Soybean Chsoy Rice Chrice
Region Average(N) Change (%) Average(N) Change (%) Average(N) Change (%)
North Cent3
96.81 -6.40 148.24 3.48 104.44 -17.78
North West 107.32 3.15 175.47 1.77 119.2 -12.99
North East 96.75 -17.78 165.76 0.28 104.44 -12.97
3
: North Central
Source: AFEX Commodity Weekly Bulletin
Maize and Rice Slump heavily
The prices for maize and rice across the different source markets in Northern Nigeria exhibited
mixed outcomes for the period under review. This is coming from a strong week of immense
gains by both commodities, especially rice which recorded 11.11% gains at maximum, the week
before. Maize prices dropped 17.78% and 6.40% wow in the north east and north central markets
respectively while the north western markets maintained an upward movement by gaining 3.15%
wow despite losses in other markets. The rice markets across the regions were completely in the
reds with prices falling by 12.97%, 12.99% and 17.78% wow in the north east, north west and
north central markets respectively. This is coming as the planting seasons begin and it is likely
that traders are reducing their orders given the imminence of another harvest, especially in the
case of maize. Rice prices reached 13 weeks low in the north east and north west markets.
Soybean, the Super Commodity
Despite heavy losses in the maize and rice prices across the regions, the soybean prices continue
to be bullish as prices have maintained an upward trajectory since the beginning of the year. The
prices of the commodity have been speculated by analysts to continue the same until harvest of
the 2018 production season begins. Analysts point out the imbalance between the demand and
supply of the commodity as the driver of prices. The commodity added 3.48%, 1.77% and 0.28%
wow in the north central, north west and north east grains markets. The commodity again has
reached another record high in the last 13 weeks.
Researched and Designed
By
Ogunbiyi Yusuf
University of Ibadan
Agri-Intelligence Weekly
April 25, 2018|Midweek Edition