DAILY MARKET REPORT 15 APRIL 2019

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1 DAILY MARKET REPORT 15 APRIL 2019 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 mostly flat compared to the levels seen on Friday and is trading around R13.93/$ this morning with very little change seen in the dollar as well. South African equities posted some more gains on Friday with the JSE Top40 ending 0.38% higher. In the US the dollar is mostly flat and trading around to the euro this morning and US equities posted some more gains with the Dow ending 1.03% higher in the daytime session and this morning the Dow futures are 0.06% higher. Commodity prices are lower across the board with gold and platinum prices 0.47% and 1.55% lower while Brent crude oil prices are 0.11% lower than the levels seen at Safex close on Friday. US Dollar/South African Rand Key data releases: US export inspections NY Fed manufacturing index

2 International Market Quote at 12h00 previous day Current quote Change % Change CME Jul maize CME Dec maize CME Jul wheat KCBT Jul wheat KCBT Dec wheat Matif May wheat (Euro/ton) CME Jul soybeans Jul CME maize R/ton Dec CME maize R/ton Jul CME wheat R/ton Jul KCBT wheat R/ton Dec KCBT wheat R/ton Jul CME soybeans R/ton The changes in the table above is from Safex close (12h00) Corn US maize prices ended slightly higher in the daytime session on Friday with some technical buying that was seen while concerns about the early planting delays also added some support. This morning the electronic maize prices are higher. The gains in US maize futures are being limited by the ample US and world maize stocks and the South American maize crops getting bigger. Commodity funds are sitting on a massive net short position in US maize making the market vulnerable for some short covering. Soybeans US soybean prices ended mostly flat in the session on Friday with the market still waiting for any news in the US/China trade talks. This morning the electronic CME soybean prices are trading slightly higher. The US NOPA soybean crush will be released today. The average market expectation for the March soybean crush is seen at 168 million bushels. Chinese soybean imports increased 10% month/month in March with most of their soybeans sourced from the US and Brazil. Wheat US wheat prices ended higher in the session on Friday with some short covering that was seen while the higher US maize prices also added some support. This morning the electronic wheat prices are slightly lower. Concerns about some early US spring wheat planting delays are providing some support to US spring wheat prices. The rallies in US wheat futures are being limited by the ample US wheat stocks and the slow export progress out of the US. 2

3 US rainfall forecast for the week ahead US 6-10 Day precipiation forecast US 6-10 Day temperature forecast 3

4 South African Market 12 April 2019 Maize South African white maize started the day higher on Friday but the market pulled lower after the opening. July white maize started the day at R2740 and traded to a high of R2755 with the market failed to hold the intraday gains and prices sold off into the close. The market traded to an intraday low of R2711 but the market did end the day slightly off the session lows. Immediate support is seen at the 200-day average seen around R2702. US maize prices are higher this morning and the rand is mostly flat compared to the levels seen on Friday which is supporting parity prices. Our market ended higher on Friday but rather close to the session lows which could limit some of the gains in local maize. Wheat South African wheat contracts opened the day mostly flat with some buying that was seen after the opening. July wheat contracts started the day at R4600 which was also the intraday low of the session with our market posting some good gains after that. July wheat traded to an intraday high of R4641 but the failure to sustain a break above the 40-day and 9-day average did see wheat prices ending the day off the session highs. US CME and KCBT wheat prices are lower this morning and the rand is mostly flat trading around R13.93/$ resulting in slightly lower parity prices. We did see some good buying interest in our wheat market on Friday which could be supportive for local wheat in the session today. Oilseeds White Maize MTM Change High Low May Jul Dec Yellow Maize May Jul Dec Wheat May Jul Dec Sunflower May Jul Soybeans May Jul CME Corn Jul Dec South African soybean contracts opened the day lower with some buying that was seen after the opening. May-19 soybean contracts started the day at R4744 which was also the intraday low of the session on Friday with soybeans gaining back some ground after that. The market traded to an intraday high of R4800 but the failure to break above the 9-day average and the R4800 level did see the market ending the day well off the session highs. 4

5 Sunflower seed contracts opened the day lower with some buying that was seen after the opening. May- 19 sunflower seed started the day at R4965 and traded to a low of R4950 with some buying that was seen after that. The market traded to an intraday high of R5020 but sunflower seed contracts ended the day well off the session highs. The moving averages and indicators remain under some pressure but the market is oversold. US soybean contracts are higher this morning and the rand is mostly flat which is resulting in slightly higher parity prices this morning. Local sunflower seed contracts managed some gains on Friday and the slightly higher parity prices could once again be supportive for local prices. Weather conditions Cumulative rainfall forecast for the week ahead Technical Graphs Safex Jul maize prices CME Jul corn prices 5

6 Daily MAWN9 Cndl, MAWN9, Trade Price 2019/04/12, , , , N/A, N/A SMA, MAWN9, Trade Price(Last), /04/12, SMA, MAWN9, Trade Price(Last), /04/12, SMA, MAWN9, Trade Price(Last), /04/12, SMA, MAWN9, Trade Price(Last), /04/12, /05/ /05/03 (JHB) Price ZAR T RSI, MAWN9, Trade Price(Last), 14, Wilder Smoothing 2019/04/12, Value ZAR T May 18 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April

7 Daily CN9 Cndl, CN9, Trade Price, 2019/04/15, 370, 372, 370, 372, +2, (+0.54%), SMA, CN9, Trade Price(Last), 40, 2019/04/15, 379, SMA, CN9, Trade Price(Last), 9, 2019/04/15, 371, SMA, CN9, Trade Price(Last), 100, 2019/04/15, /03/ /05/06 (CHG) Price USc Bsh RSI, CN9, Trade Price(Last), 14, Exponential, 2019/04/15, Value USc Bsh March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April