Monday, November 2, 2020 / 1:46PM / Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit: AFEX Commodities Exchange
The AFEX Commodities Index increased marginally by 0.77% closing the week at 271.02 basis points. This increase was because of the increase in the Soybean sub-index outweighing the decrease in the Maize and Paddy Rice sub-index. According to the Consumer Confidence Index report by CBN, most Household expect prices of goods and services to rise in the next 12 months with an index of 36.2 points, hence, farmers will be looking to increase the price of their commodities in order to adjust their purchasing power to cover up the expected increase in prices of goods and services.
For the week under review maize and paddy rice dropped by 0.69% and 1.76% respectively, while soybean increased by 3.51%, thus closing the week at N136.82/kg, N152.67/kg and N183.01/kg for maize, soybean, and paddy rice respectively.
Sorghum and ginger maintained their price levels in the week under review, while cocoa increased by 1.78%.
In the Open Market for the week under review, maize and soybean experienced an uptick while sorghum, paddy rice and ginger dropped as against the previous week. Cocoa retained the same performance as that of the previous week.
The total volume of trades on the exchange totaled 1,247,390 kg with Maize being the most traded commodity accounting for 71% of the total trades while soybean, paddy rice and cocoa accounted for 0.78%, 21.62% and 6.26% of the total volume traded respectively.