DAILY MARKET REPORT 22 NOVEMBER 2018

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1 DAILY MARKET REPORT 22 NOVEMBER 2018 Unigrain (Pty) Ltd Tel. No. : Fax. No. : Economic Indicators Quote at 12h00 previous day Current quote Change % Change Rand/Dollar Euro/Dollar Gold Platinum Brent Crude JSE Top Dow Jones Indus Avg The changes in the table above is from previous Safex close (12h00) The rand is stronger this morning and is trading around R13.94/$ with the rand trading as low as R13.82/$ in the session yesterday. South African equities managed some gains yesterday with the JSE Top40 ending 0.64% higher yesterday. Key data for the local markets will be the SARB decision on interest rates. In the US the dollar is slightly weaker and trading around to the euro this morning and traded as high as to the euro in the session yesterday. The Dow ended flat in the session yesterday and the US markets are closed for Thanksgiving yesterday. Commodity prices are mostly flat with crude oil prices 0.43% lower than the levels seen at Safex close yesterday. US Dollar/South African Rand Key data releases: Weekly South African grain trade data South African SARB interest rate decision US Thanksgiving holiday

2 International Market Quote at 12h00 previous day Current quote Change % Change CME Dec maize CME Mar maize CME Dec wheat KCBT Dec wheat KCBT Mar wheat Matif Dec wheat (Euro/ton) CME Jan soybeans Dec CME maize R/ton Mar CME maize R/ton Dec CME wheat R/ton Dec KCBT wheat R/ton Mar KCBT wheat R/ton Jan CME soybeans R/ton The changes in the table above is from Safex close (12h00) Corn US maize prices ended mostly flat in the daytime session yesterday with market participants squaring up ahead of the Thanksgiving holiday with very little new info to drive the market. This morning the markets are closed. The weekly US ethanol production was reported at 1.04 million barrels/day which is down barrels with ethanol margins under some pressure. The weekly US export sales figures of maize to be released on Friday are expected to range between and tons. On the technical chart for December CME maize we see that the market remained in a relatively narrow range yesterday with prices once again finding some support around $3.60. The market broke below the key averages and the short term averages and indicators remain under some pressure. Market is oversold. Soybeans US soybean contracts posted some gains in the session yesterday on optimism that the US and China will make some progress to resolve the trade issues when they meet at the G20 summit later. This morning the US markets are closed for Thanksgiving. The weekly US export sales figures of soybeans to be released on Friday are expected to range between and tons. In South America slightly drier conditions are expected in some of the key growing areas of Argentina in the week ahead. On the technical chart for January CME soybeans we see that the market once again did get some support at the moving averages $8.77-$8.75 area and posted some gains after that. Wheat US wheat futures did trade lower in the session yesterday with some positioning seen ahead of the US holiday while the sluggish exports also added some pressure. This morning the US markets are closed for Thanksgiving. The weekly US export sales figures of wheat to be released on Friday are expected to range between and tons. On the technical chart for December KCBT wheat we see that the market once again sold off breaking below $4.70 ending the day close to the session low. Moving averages and indicators remain under pressure. 2

3 US rainfall forecast for the week ahead US 6-10 Day temperature forecast South American raifnall forecast 3

4 South African Market 21 November 2018 Maize South African maize prices opened the day lower with some more weakness that was seen after that. December white maize opened the day at R2325 and briefly traded to a high of R2348 before coming under some renewed pressure after that. The selling once again gained some momentum late in the session with the market trading to a low of R2296 ending the day slightly off the session lows. The weak close that was seen could result in some more follow through selling. Support is seen at R2280 and R2260. US maize prices are mostly flat this morning and the rand is stronger which is putting some pressure on parity prices this morning. Our market sold off in the session yesterday and the lower parity prices could put some more pressure on our market in the session today. Wheat South African wheat contracts opened the day lower with some buying interest that was seen after the opening. December wheat contracts opened the day at R4251 and the market attempted to gain some ground after that trading to a high of R4286 but the market failed to hold the intraday gains and prices sold off into the close with the stronger rand adding some pressure. December wheat contracts ended the day close to the session lows which could limit some of the buying in our market. US wheat prices are lower this morning and the rand is also stronger which is putting pressure on parity prices. The weak close in our market yesterday and the stronger rand seen this morning could put some more pressure on our market. Oilseeds White Maize MTM Change High Low Dec Mar Jul Yellow Maize Dec Mar Jul Wheat Dec Mar Jul Sunflower Dec Mar Soybeans Dec Mar CME Corn Dec Mar South African soybean contracts opened the day mostly flat with the market trading on both sides of the opening levels after that. December soybean contracts started the day around R4600 and traded to a low of R4590 but some buying was seen after that. December soybean contracts traded to an intraday high of R4611 and the market ended the day at the session highs. Immediate resistance is seen at the 100-day average at R4612 and the 40-day at R

5 South African sunflower seed contracts started the day mostly flat with our market coming under some pressure after that. December sunflower seed contracts started the day at R5186 and sold off after that trading to a low of R5155 with the market finding some support around the 40-day average and prices pushed higher after that. Sunflower seed contracts traded to a high of R5195 ending the day rather close to the session highs. US soybean contracts posted some gains in the session yesterday but the stronger rand seen this morning is limiting some of the gains in the parity prices. South African oilseeds ended the day rather strong which could support our market in the session today. Weather conditions Cumulative rainfall forecast for week ahead Technical Graphs Safex Dec maize prices CME Dec corn prices 5

6 Daily MAWZ8 Cndl, MAWZ8, Trade Price 2018/11/21, , , , N/A, N/A SMA, MAWZ8, Trade Price(Last), /11/21, SMA, MAWZ8, Trade Price(Last), /11/21, SMA, MAWZ8, Trade Price(Last), /11/21, SMA, MAWZ8, Trade Price(Last), /11/21, /02/ /12/05 (JHB) Price ZAR T Auto RSI, MAWZ8, Trade Price(Last), 14, Wilder Smoothing 2018/11/21, Value ZAR T March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 Auto 6

7 Daily CZ8 Cndl, CZ8, Trade Price, 2018/11/21, / 4, / 4, 360, / 4, N/A, N/A, SMA, CZ8, Trade Price(Last), 40, 2018/11/21, / 4+, SMA, CZ8, Trade Price(Last), 9, 2018/11/21, / 8+, SMA, CZ8, Trade Price(Last), 100, 2018/11/21, /10/ /12/12 (CHG) Price USc Bsh / / / RSI, CZ8, Trade Price(Last), 14, Exponential, 2018/11/21, /8 Value USc Bsh Oct 17 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 Dec Auto 7