Dramatic drop in white maize price is bad news for farmers - economist

It was announced that there is a significant drop in the white maize price and it's bad news for farmers. Prices are almost 60% lower than last year.

The Crop Estimates Committee has revealed that the amount of maize cultivated over the past year is larger than the predicted forecast.

South Africa has produced about 13.9 million tons, nearly two million over the surplus needed.

Chief Economist at Agri-business Chamber, Wandile Sihlobo, says this is good news for consumers but not for farmers.

The crop we are expecting is about 13.9 million tons and in South Africa we only need about 10.5 million tons, so we have over 2 million tons surplus that we could be sitting with this year.

Chief Economist at Agri-business Chamber, Wandile Sihlobo

The guys planted aggressively because the higher prices that we saw toward the end of the year last year.

Chief Economist at Agri-business Chamber, Wandile Sihlobo

The focus will need to be on export markets over the coming months.

Chief Economist at Agri-business Chamber, Wandile Sihlobo

Click on the link below to listen to the full interview...

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