Flour products significantly cheaper
Namib Mills yesterday announced a price reduction for wheat flour, maize meal and instant maize porridge.Corn flour will be between 10% and 14% cheaper, while maize meal will be 7% cheaper, wheat flour 10% and prepared baking mixes about 10% cheaper.
The price reduction is being brought about by a global oversupply and is scheduled to come into force by next Monday (26 June).
The world market price reduction for wheat in US dollars is based on the opening of the Black Sea grain corridor, which means that grain from these producing countries can reach the world market, as well as on an increase in global cultivation and thus supply.
The reduction in value of the Namibia dollar swallowed up part of the reduction in price.
Meanwhile, the good harvest in South Africa, combined with an increase in global supply, has helped white maize to become cheaper as well.