News in brief:
– Raw cashew and cocoa bean prices rebounded sharply in Nigeria after a week-long dip, with end-of-week gains of 9.22% and 6.19% respectively, according to AFEX.
– Meanwhile, soybean continued its upward trend, but maize and paddy rice saw modest and sharp declines, and most tracked commodities remain down year-on-year.
After a week in decline, the prices of raw cashew and cocoa beans surged in Nigeria.
Data from AFEX shows that cashew prices were 9.22% higher by the end of the period, compared to the beginning of the week.
However, it had peaked even higher during the duration before settling to lower prices. The same trend happened for cocoa bean prices, which hit more than ₦11,000 before its 6.19% rise at the end of the week.
Soybean also continued their ascension, with prices 1.86% higher after recording a 7.02% surge the preceding week.
There was a modest decline of 0.55% in the prices of maize and a bigger fall of 6.58% in the prices of paddy rice. Sorghum retained its price after its price drop of 13.8% the week before.
Raw cashew is now trading at 56.86% higher on a year-to-date basis, while soybean has risen by 4.93%.
All other agricultural commodities that the AFEX tracks have fallen in 12 months, except ginger and sesame, which have stayed stagnant. Paddy rice dropped 33.63% in the period while sorghum, cocoa and maize fell 18.88%, 15.03%, and 7.10%, respectively.
The Nigeria Commodity Exchange (NCX) platform did not record any changes to the prices last week.
