What this page covers
The JSE runs the only significant agricultural derivatives market in Africa. White maize in particular trades nowhere else in size, which makes the JSE price the reference for the region.
| Contract | Size | Quotation | Delivery |
|---|---|---|---|
| White maize | 100 tonnes | Rand per tonne | Physical, silo receipt |
| Yellow maize | 100 tonnes | Rand per tonne | Physical, silo receipt |
| Wheat | 100 tonnes | Rand per tonne | Physical |
| Sunflower seed | 50 tonnes | Rand per tonne | Physical |
| Soybean | 50 tonnes | Rand per tonne | Physical |
| Sorghum | 50 tonnes | Rand per tonne | Physical |
| Situation | Price anchored to |
|---|---|
| Surplus crop | Export parity, the world price less the cost of getting it there |
| Deficit crop | Import parity, the world price plus the cost of bringing it in |
| Between the two | Local supply and demand, a wide band |
| White maize | Largely local, there is no deep world market |
| Yellow maize and wheat | Chicago, adjusted for the rand and freight |
| Factor | Effect |
|---|---|
| Rainfall in the maize triangle | The dominant driver, November to February |
| The rand | A weaker rand raises both parity levels |
| Chicago prices | Direct for yellow maize, weaker for white |
| Crop estimates | The CEC releases move the market |
| Export demand from the region | Zimbabwe, Zambia, Mozambique |
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⬇ Download CSVHow these figures work
The figures on this page come from the body that publishes them and change on a schedule rather than continuously, which is what makes them worth keeping in one place. The gap between import and export parity can be several thousand rand a tonne, because it covers the round trip cost of moving grain to and from a port. The local price can move freely inside that band.
White maize is a South African staple with no deep international market, which is why its price can diverge sharply from Chicago while yellow maize tracks it.
★ What this means in practice
The Crop Estimates Committee releases are the scheduled events that move this market, in the same way an MPC statement moves the rand.
✕ Common mistakes
- The gap between import and export parity can be several thousand rand a . The gap between import and export parity can be several thousand rand a tonne, because it covers the round trip cost of moving grain to and from a port. The local price can move freely inside that band.
- White maize is a South African staple with no deep international market,. White maize is a South African staple with no deep international market, which is why its price can diverge sharply from Chicago while yellow maize tracks it.
- The Crop Estimates Committee releases are the scheduled events that move. The Crop Estimates Committee releases are the scheduled events that move this market, in the same way an MPC statement moves the rand.
- Taking a figure without its date. A number from a reference page is only as good as when it was last checked, which is why the date sits at the top of this one.
Notes on reading these figures
- The gap between import and export parity can be several thousand rand a tonne, because it covers the round trip cost of moving grain to and from a port. The local price can move freely inside that band.
- White maize is a South African staple with no deep international market, which is why its price can diverge sharply from Chicago while yellow maize tracks it.
- The Crop Estimates Committee releases are the scheduled events that move this market, in the same way an MPC statement moves the rand.
To put these figures to work, The Trading agricultural commodities runs the arithmetic on your own numbers; JSE Derivatives and SAFEX covers the same ground in ordinary language; Rand Exchange Rate History goes into the detail this table only summarises; How gold trading works in SA is the related figure worth reading beside it; and JSE Trading Hours covers what this page leaves out.
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Terms used on this page
Frequently asked questions
What is traded on the JSE agricultural market?
White and yellow maize, wheat, sunflower seed, soybean and sorghum, all in rand per tonne with physical delivery.
Why does white maize not follow Chicago?
There is no deep international market for white maize. It is a South African staple, so its price is set largely locally.
What is import and export parity?
The cost of bringing grain in, and the price achievable sending it out. The local price moves freely between those two levels.
What moves the market most?
Rainfall in the maize triangle between November and February, then the rand.
What is a silo receipt?
The delivery instrument for a physical grain contract, representing grain held at a registered silo.
What are the scheduled events?
Crop Estimates Committee releases, which move this market the way an MPC statement moves the rand.