If one looks at projected figures, the South African supply and demand situation looks as follows. ( projected figures is using the current figures of 3 months data and projecting it to reflect the total financial year, based of this 3 months actual figures).

The above figures has been adjusted, with the biggest conserning factor being maize exports. At current projected levels we would only be exporting 1019k maize.

The demand side need to be adjusted, on the meduim term, for us to hv a more balanced balance sheet on maize.

The above S&D is reflecting total maize (white and yellow). Whitemaize is under more strain as we lack demand on this commodity. Therefore the price on the white maize are also trading at a discount to the yellow maize and international corn.

Hopefully this difference would be adjusted soon, otherwise the white maize price would be limited to the topside, even into the new season.

All the above figures been adjusted from Sagis estimates.