dyton mupawaenda
Edgar Vhera-Agriculture Specialist Writer
ALL premium and standard grade wheat delivered by farmers for sale at the Zimbabwe Mercantile Exchange (ZMX) weekly auction was sold out as the 2023 crop enters the third week of trade on the platform.
Statistics from ZMX show that on this week’s trade, farmers offered 24,18 tonnes of premium grade wheat at an average price of US$400 per tonne valued at US$9 672 at Aspindale warehouse in Harare while at Lions’ Den near Chinhoyi, farmers brought 24,48 tonnes at US$390 per tonne worthy US$9 547,20.
Buyers at Aspindale bid for 24, 18 tonnes of premium wheat at US$400 per tonne while at Lions’ Den they bid for 24,48 tonnes at US$390.
Due to convergence of bid and offer price between farmers and buyers, all the premium grade wheat was sold out with farmers grossing US$19 219,20.
Farmers also offered 29,98 tonnes of standard grade wheat at an average price of US$380 per tonne valued at US$11 354,40 at the Aspindale warehouse.
Buyers bid for 39,98 tonnes at US$380 per tonne worth US$15 192,40.
Buyers requested more than what farmers were able to supply resulting in 29,88 tonnes being sold at US$380 per tonne valued at US$11 354,40.
A volume of 10,10 tonnes of bids and offers at US$380 per tonne worth US$3 838 were unsuccessful.
The report also revealed that farmers offered 31,48 tonnes of utility wheat at Aspindale at an average price of US$410 per tonne worth US$12 906,80.
Buyers requested 31,48 tonnes of utility wheat at US$350 per tonne with a total value of US$11 018.
The bid and offer price spread was too wide at US$60 such that 62,69 bids and offers at an average price of US$380 per tonne worthy US$23 924,80 were unsuccessful at the end of the trade.
Last week 156, 28 tonnes of wheat were sold at an average price of US$420 per tonne valued at US$65 637,60.
This week’s trade comes on the backdrop of the announcement of the marketing price for 2023 wheat crop by Government last week.
The Government pegged the price at US$520,25 per tonne with farmers getting a split payment of 75 percent in foreign currency and 25 percent in local currency at the prevailing interbank rate.
At the announcement of wheat marketing price, Lands, Agriculture, Fisheries, Water and Rural Development Minister Dr Anxious Masuka said the ZMX was to provide a central warehouse receipt system and spot market trading platform for agricultural commodities.
“Government is issuing a statutory instrument (SI) that mandates private players to provide returns on storage of grains to be able to track national stock of wheat,” he said.
Online Reporter