Trade drops on maize market

Low trading volumes had characterised the maize market and further declines were expected in the coming week, 'The Post' reported on Monday. Quoting the latest Agriculture Commodity Exchange report, the newspaper said cheap imported maize meal had had an adverse effect on local maize products.

Despite the overwhelming shortage in local maize supplies, prices had not started moving upwards because of uncertainty over pricing of imported white maize, which would be made available to local millers, the report said. It added that the uncertainty arose from a Food Reserve Agency announcement of tenders for the supply and purchase of maize, to be supplied from November 2001 to March 2002. Zambia has also appealed for international aid to stem deepening hunger in the country.

"At the present time there is uncertainty as to the impact white maize landed in the country during the month of March [2001] will have on prices of local early maize," 'The Post' quoted the ACE report as saying. Farmers currently deciding on whether to plant for the early market were concerned that carried-over stocks of subsidised imported maize may further adversely affect prices in March and April next year, the report said. ACE also reported that wheat prices maintained last week's levels because nearly all farmers had started to harvest and deliver their crops.