Africa Newsletter 06-26-20
East Africa Update
Mexican Maize Still Docked At Mombasa Port
The incoming maize grain from Mexico is still being held at the Port of Mombasa due to authorities awaiting confirmation on the tax relief from the government. The white maize tax relief was reduced to 35% while the yellow maize tax relief was reduced to 10%.
The Business Daily reports on how the first shipment has been docked for a week now containing 40,000 metric tons of grain as this was hoped to ease the demand and pricing of maize flour in the country.
Uganda’s new crop has also started coming into the market and deliveries have started but more are expected as moisture content levels are still above 15% in most of the growing areas.
Uganda New Crop
Uganda’s crop from this season’s short harvest has started coming into the market especially from the Northern Uganda growing regions, Mubende, Luweero and Masindi. The maize grain still contains some high levels of moisture content and so the volumes are expected to increase over the next two weeks.
Currently, dry maize is trading at UGX 880 per kg while some of the wetter grain is trading circa UGX 850 per kg. Soybeans are trading at UGX 1,700 per kg while Nambale beans are trading between UGX 3,300 and UGX 3,500 per kg.
Tanzanian Farmers Look To Cassava For China Market Opportunity
Cassava growers in Handeni Tanga Region of Tanzania have received a credit facility of Tzshs 3 billion from NMB Bank to increase production and take advantage of the market opportunity that China has presented as the Asian country’s industrial requirements reach up to 20 million metric tons per annum.
According to The Citizen, the facility has a 50% guarantee by the Tanzania Agricultural Development Bank which will see over 400 farmers benefit and a number of those have become commercial farmers.
For updates on restarting the global trade please see our report Hot Commodities at panxchange.com/hot-commodities