Postnet Suite 534, Private Bag X 1 / Privaatsak X 1The Willows / Die Wilgers, 0041Grain Building (2nd floor), 477 Witherite Str /Graangebou (2e vloer), Witherite Str 477The Willows / Die Wilgers, Pretoria, 0040

Tel +27 (12) 941 2050Fax/Faks +27 (12) 349 9200

E-Mail/Epos: info@sagis.org.zareturns@sagis.org.za

Web address/adres: www.sagis.org.zaSWB06-0216 2016/02/11

SAGIS WEEKLY BULLETIN / SAGIS WEEKLIKSE BULLETIN

1

1. Producer Deliveries (ton): 1. Produsentelewerings (ton):

Commodity

Latest week/Jongste week:

30 Jan - 5 Feb 2016

Total: current marketing year/Totaal: huidige bemarkingsjaar

Total: same periodprevious marketing year/

Totaal: selfde periodevorige bemarkingsjaar Kommoditeit

White maize 20 740 4 403 522 7 351 342 WitmieliesYellow maize 14 520 4 460 745 5 772 129 GeelmieliesTotal: maize 35 260 8 864 267 13 123 471 Totaal: mieliesWheat 5 662 1 326 360 1 618 813 Koring

2. Imports (ton): 2. Invoere (ton):2.1 Imports for RSA 2.1 Invoere vir RSA

Commodity

Latest week/Jongste week:

30 Jan - 5 Feb 2016

Total: currentmarketing year/Totaal: huidige bemarkingsjaar

Total: same periodprevious marketing year/

Totaal: selfde periodevorige bemarkingsjaar Kommoditeit

White maize 702 72 261 0 WitmieliesYellow maize 69 638 868 242 0 GeelmieliesMaize Total 70 340 940 503 0 Mielies TotaalWheat 102 641 778 954 701 880 Koring

Origin of imports / Oorsprong van invoereWhite maize/Witmielies Yellow maize/Geelmielies Wheat/Koring

Mexico Argentina CanadaZambia Brazil Germany

Paraguay LithuaniaPolandRussiaUkraineUSA

2.2 Imports for other countries 2.2 Invoere vir ander landeWhite maize N/a N/a N/a WitmieliesYellow maize N/a N/a N/a GeelmieliesMaize Total N/a N/a N/a Mielies TotaalWheat 0 89 900 55 586 Koring

Origin of imports / Oorsprong van invoereWhite maize/Witmielies Yellow maize/Geelmielies Wheat/Koring

N/a N/a CanadaGermanyLithuaniaRussiaUkraine

4. DOMESTIC PRICES PER SAFEX (R/t) (a) 4. PLAASLIKE PRYSE VOLGENS SAFEX (R/t) (a)Futures prices / Termynpryse (2016/02/09)

Commodity 2016/02 2016/03 2016/05 2016/07 2016/09 KommoditeitWhite maize R5091.00/t R5106.00/t R5001.00/t R4940.00/t R4955.00/t WitmieliesYellow maize R3950.00/t R3900.00/t R3600.00/t R3570.00/t R3584.00/t Geelmielies

Wheat R4666.00/t R4700.00/t R4780.00/t R4830.00/t R4903.00/t KoringSunflower R8025.00/t R7860.00/t R7145.00/t R6860.00/t R6893.00/t SonneblomSoybeans R6900.00/t R6875.00/t R6330.00/t R6424.00/t R6474.00/t SojaboneSorghum N/a R4080.00/t R3600.00/t R3650.00/t R3700.00/t Sorghum

5. IMPORT TARIFF ON MAIZE (b)* 5. INVOERTARIEF OP MIELIES (b)*Derived US No2Y Yellow Maize fob (Gulf) (b) 2016/02/03 2016/02/04 2016/02/05 2016/02/08 2016/02/09

Afgeleide VSA No2Y Geelmielies vab (Golf) (b)

2

3500

4500

5500

6500

7500

2015

/09/

01

2015

/09/

15

2015

/09/

29

2015

/10/

13

2015

/10/

27

2015

/11/

10

2015

/11/

24

2015

/12/

08

2015

/12/

22

2016

/01/

05

2016

/01/

19

2016

/02/

02

R/t

SAFEX FUTURES PRICES (JUL 2016)/SAFEX TERMYNPRYSE (JUL 2016)

Wheat / Koring

Soybeans / Sojabone

Sunflower seed / Sonneblomsaad

2250

2750

3250

3750

4250

4750

5250

2015

/09/

01

2015

/09/

15

2015

/09/

29

2015

/10/

13

2015

/10/

27

2015

/11/

10

2015

/11/

24

2015

/12/

08

2015

/12/

22

2016

/01/

05

2016

/01/

19

2016

/02/

02

R/t

SAFEX FUTURES PRICES (JUL 2016)/SAFEX TERMYNPRYSE (JUL 2016)

White maize / Witmielies

Yellow maize / Geelmielies

3. Exports (ton): 3. Uitvoere (ton):3.1 RSA Exports 3.1 RSA Uitvoere

Commodity

Latest week/Jongste week:

30 Jan - 5 Feb 2016

Total: currentmarketing year/Totaal: huidige bemarkingsjaar

Total: same periodprevious marketing year/

Totaal: selfde periodevorige bemarkingsjaar Kommoditeit

White maize 8 177 345 503 453 288 WitmieliesYellow maize 3 478 173 228 1 373 154 GeelmieliesMaize Total 11 655 518 731 1 826 442 Mielies TotaalWheat 704 24 482 85 995 Koring

Destination of exports / Bestemming van uitvoereWhite maize/Witmielies Yellow maize/Geelmielies Wheat/Koring

Botswana Botswana BotswanaLesotho Central African Rep MozambiqueMozambique Korea NamibiaNamibia Lesotho SwazilandSwaziland Mozambique ZambiaZimbabwe Namibia Zimbabwe

SwazilandZimbabwe

3.2 Imports for Exports 3.2 Invoere vir Uitvoere White maize N/a N/a N/a WitmieliesYellow maize N/a N/a N/a GeelmieliesMaize Total N/a N/a N/a Mielies TotaalWheat 3 040 88 336 50 862 Koring

Destination of exports / Bestemming van uitvoereWhite maize/Witmielies Yellow maize/Geelmielies Wheat/Koring

N/a N/a BotswanaLesothoSwazilandZimbabwe

RSA Initial Reference Price $110.00 RSA Oorspronklike VerwysingsprysBase price ($/t) 117.65 117.65 117.65 117.65 117.65 Basisprys ($/t)Daily price ($/t) (IGC) 175.60 174.60 173.60 172.60 171.60 Daaglikse prys ($/t) (IGC)Average of 21 days ($/t) 170.93 171.41 171.84 172.17 172.55 Gemiddeld van 21 dae ($/t)Deviation from base price ($/t) -53.28 -53.76 -54.19 -54.52 -54.90 Afwyking van basisprys ($/t)Duty on maize ($/t) -60.93 -61.41 -61.84 -62.17 -62.55 Reg op mielies ($/t)Duty on maize (R/t) -1000.88 -1009.45 -1016.61 -1021.45 -1025.34 Reg op mielies (R/t)R/$ Exchange rate(average of 21 days) 16.4267 16.4379 16.4394 16.4299 16.3923

R/$ Wisselkoers(gemiddeld van 21 dae)

Tariff Gazetted 2006/12/08 R0.00/t Tarief gepubliseer 2006/12/08

6. IMPORT TARIFF ON WHEAT (b)* 6. INVOERTARIEF OP KORING (b)*

7. PRICES – INTERNATIONAL (US$/t) 7. PRYSE - INTERNASIONAAL (VSA$/t)

FOB (US$/t)Export Quotations/

Uitvoerkwotasie (b)(e)(f) VAB (VSA$/t)2016/02/0

92016/02/02 2016/01/19 2016/01/12

US No 2 HRW Wheat (Gulf) 204.00 211.00 214.00 217.00 VSA No 2 HRW Koring (Golf)US DNS Wheat 14% PNW 225.00 228.00 226.00 230.00 VSA DNS Koring 14% PNWArgentine Wheat (Up River) 195.00 194.00 196.00 194.00 Argentynse Koring (Up River)EC (France) Wheat (grade 1) 173.00 171.00 175.00 176.00 EU (Frankryk) Koring (graad 1)EC (Germany) B Quality Wheat 176.00 178.00 184.00 187.00 EU (Duitsland) B Kwaliteit KoringBlack Sea Milling Wheat 182.00 181.00 180.00 182.00 Swart See MaalkoringUS No 3Y Maize (Gulf) 170.00 174.00 170.00 164.00 VSA No3Y Mielies (Golf)Argentine Maize (Up River) 167.00 167.00 165.00 160.00 Argentynse Mielies (Up River)US Sorghum (Gulf) 174.00 178.00 176.00 168.00 VSA Sorghum (Golf)Argentine Sorghum (Up River) 148.00 149.00 133.00 131.00 Argentynse Sorghum (Up RiverUS Soybeans (Gulf) 345.00 354.00 356.00 360.00 VSA Sojabone (Gulf)Argentine Soybeans (Up River) 329.00 342.00 349.00 342.00 Argentynse Sojabone (Up River)Canadian Canola 359.00 363.00 362.00 365.00 Kanadese CanolaArgentine Groundnuts Runners 40/50 1055.00 1055.00 1085.00 1085.00 Argentynse Grondbone 40/50 RunnersUS Groundnuts Runners 40/50 shelled 1055.00 1055.00 1105.00 1105.00 VSA Grondbone 40/50 Runners uitgedopAustralian Malting Barley (Gairdner Malt) 249.00 245.00 239.00 242.00 Australiese Moutgars (Gairdner Malt)

3

300

400

500

600

700

2011

/01/

0320

11/0

3/02

2011

/04/

2820

11/0

6/24

2011

/08/

2220

11/1

0/19

2011

/12/

1620

12/0

2/15

2012

/04/

1320

12/0

6/11

2012

/08/

0720

12/1

0/03

2012

/11/

2920

13/0

2/06

2013

/04/

0920

13/0

6/05

2013

/08/

0120

13/0

9/27

2013

/11/

2220

14/0

1/28

2014

/03/

2520

14/0

5/21

2014

/07/

1720

14/0

9/11

2014

/11/

0620

15/0

1/12

2015

/03/

0920

15/0

5/06

2015

/07/

0120

15/0

8/27

2015

/10/

2320

15/1

2/21

2016

/05/

0120

16/0

7/01

2016

/12/

01

$/t

SOYBEAN PRICES / SOJABOONPRYSE

US Soybeans / VSA Sojabone

A - Actual prices / Werklike pryse B - Futures prices/ Termynpryse

A B

100

175

250

325

400

2011

/01/

0320

11/0

3/02

2011

/04/

2820

11/0

6/24

2011

/08/

2220

11/1

0/19

2011

/12/

1620

12/0

2/15

2012

/04/

1320

12/0

6/11

2012

/08/

0720

12/1

0/03

2012

/11/

2920

13/0

2/06

2013

/04/

0920

13/0

6/05

2013

/08/

0120

13/0

9/27

2013

/11/

2220

14/0

1/28

2014

/03/

2520

14/0

5/21

2014

/07/

1720

14/0

9/11

2014

/11/

0620

15/0

1/12

2015

/03/

0920

15/0

5/06

2015

/07/

0120

15/0

8/27

2015

/10/

2320

15/1

2/21

2016

/05/

0120

16/0

7/01

2016

/12/

01

$/t

GRAIN PRICES / GRAANPRYSE

USA Yellow Maize / VSA Geelmielies

US HRW Wheat / VSA HRW Koring

A - Actual prices / Werklike pryseB - Futures prices / Termynpryse

A B

US No2 HRW fob (Gulf) 2016/01/12 2016/01/19 2016/01/26 2016/02/02 2016/02/09 VSA No2 HRW vab (Golf)RSA Initial Reference Price $294.00 RSA Oorspronklike VerwysingsprysBase price ($/t) 209.00 209.00 209.00 209.00 209.00 209Weekly price ($/t) (IGC) 217.00 214.00 215.00 211.00 204.00 Weeklikse prys ($/t) (IGC)3 Weeks moving average ($/t) 213.33 213.33 215.33 213.33 210.00 3 Weke skuiwende gemiddeld ($/t)Number of weeks that the deviation is more than $10

Aantal weke wat die afwyking meer as $10 is

Deviation from base price ($/t) -4.33 -4.33 -6.33 -4.33 -1.00 Afwyking van basisprys ($/t)Calculated Duty on wheat ($/t) 80.67 80.67 78.67 80.67 84.00 Berekende Reg op koring ($/t)Calculated Duty on wheat (R/t) 1362.21 1358.24 1290.79 1305.30 1345.56 Berekende Reg op koring (R/t)R/$ Exchange rate 16.8862 16.8370 16.4076 16.1807 16.0186 R/$ WisselkoersTariff Gazetted 2015/09/25 (R/t) R 911.20 Tarief gepubliseer 2015/09/25 (R/t)

Futures prices (US$/t) / Termynpryse (VSA$/t) (c)(d) (2016/02/09)Commodity 2016/03 2016/05 2016/07 2016/09 2016/12 2017/03 KommoditeitUS No3 Yellow maize 142.12 144.09 146.06 148.10 151.17 154.56 VSA No3 GeelmieliesUS No2 HRW wheat 173.65 177.32 180.92 185.70 192.54 197.46 VSA No2 HRW koringUS Soybeans 317.17 318.64 320.77 321.51 N/a 325.18 VSA Sojabone

8. LOWEST REPRESENTATIVE ASKING PRICES 8. LAAGSTE VERTEENWOORDIGENDE PRYSE GEVRA (US$/t) (e)(f) (Prices of previous week) (Pryse van vorige week) (VSA$/t) (e)(f)

US$/t 2016/02/04 2016/01/28Change/

Verandering VSA$/tSoybeans, Brazil, c.i.f. Rotterdam 370 369 0.3% Sojabone, Brasilië, k.a.v. RotterdamGroundnuts, US Runners 40/50* 1150 1150 0.0% Grondbone, VSA Runners 40/50*Groundnuts, Argentine Runners 40/50* 1180 1180 0.0% Grondbone, Argentynse Runners 40/50*Groundnut-oil, c.i.f. Rotterdam 1275 1275 0.0% Grondboon-olie, k.a.v. RotterdamSunflower seed, EU c.i.f. Amsterdam 415 415 0.0% Sonneblomsaad, EU k.a.v. AmsterdamSunflower-oil, EU (fob) N.W. Europe 880 865 1.7% Sonneblom-olie, EU (vab) N.W. Eur.Rapeseed, Europe, 00, c.i.f. Hamburg 405 395 2.5% Raapsaad, Europa, 00, k.a.v. Hamburg* Shelled, c.i.f. Rotterdam *Uitgedop, k.a.v. Rotterdam

4

500

810

1120

1430

1740

2050

2360

2670

2980

Jan

'99

Jul '9

9Ja

n '0

0Ju

l '00

Jan

'01

Jul '0

1Ja

n '0

2Ju

l '02

Jan

'03

Jul '0

3Ja

n '0

4Ju

l '04

Jan

'05

Jul '0

5Ja

n '0

6Ju

l '06

Jan

'07

Jul '0

7Ja

n '0

8Ju

l '08

Jan

'09

Jul '0

9Ja

n '1

0Ju

l '10

Jan

'11

Jul '1

1Ja

n '1

2Ju

l '12

Jan

'13

Jul '1

3Ja

n '1

4Ju

l '14

Jan

'15

Jul '1

5Ja

n '1

6

US$/

t

USA groundnut prices / VSA grondboonpryse

US Groundnuts Runners 40/50

150

300

450

600

750

900

1050

Jan

'99

Jul '9

9Ja

n '0

0Ju

l '00

Jan

'01

Jul '0

1Ja

n '0

2Ju

l '02

Jan

'03

Jul '0

3Ja

n '0

4Ju

l '04

Jan

'05

Jul '0

5Ja

n '0

6 *

Jul '0

6Ja

n '0

7Ju

l '07

Jan

'08

Jul '0

8Ja

n '0

9Ju

l '09

Jan

'10

Jul '1

0Ja

n '1

1Ju

l '11

Jan

'12

Jul '1

2Ja

n '1

3Ju

l '13

Jan

'14

Jul '1

4Ja

n '1

5Ju

l '15

Jan

'16

US$/

t

Sunflower seed prices / Sonneblomsaadpryse

EU Sunflower seed (cif Amsterdam)

*From/Van: Jan '99 - 19 Jan '06 : EU Sunflower (cif Lower Rhine)From/Van: 26 Jan '06 : EU Sunflower (cif Amsterdam)

125

150

175

200

225

2015

/09/

01

2015

/10/

01

2015

/11/

01

2015

/12/

01

2016

/01/

01

2016

/02/

01

US $

/t

WHEAT AND MAIZE FUTURES PRICES (JUL 2016)/KORING EN MIELIE TERMYNPRYSE (JUL 2016)

US HRW No2 Wheat (Gulf) / VSA HRW No2 Koring (Golf)US No3Y Maize (Gulf) / VSA No3Y Mielies (Golf)

9. IGC FREIGHT INDICES (b) 9. IGC VRAG INDEKSE ( b)

IGC FREIGHT INDICES / IGC VRAG INDEKSE2016/01/05 2016/01/12 2016/01/19 2016/01/26 2016/02/02 2016/02/09

Grain Freight Index* 2516 2448 2370 2204 2116 2116 Graan Vrag Indeks*

Baltic Dry Index 468 402 363 345 310 291 Baltiese Droë Indeks

* IGC Grain Freight Index represents 15 major grain routes, including five from the United States of America, and two each from other main exporting nations (including Argentina, Black Sea, Europe and Canada); with base an average of the four weeks ending 11 May 2005 = 6000.The updated indices will be available on Thursdays on SAGIS’ website.

* IGC Graan Vrag Indeks verteenwoordig 15 hoof graanroetes, insluitende vyf vanaf die Verenigde State van Amerika, en twee elk van ander hoof

uitvoernasies (insluitende Argentinië, Swart See, Europa en Kanada); met basis ʼn gemiddeld van die vier weke geëindig 11 Mei 2005 = 6000.

Die opgedateerde indekse sal Donderdae op SAGIS se webwerf beskikbaar wees.

5

0800

160024003200400048005600

2013

/01/

0320

13/0

2/03

2013

/03/

0320

13/0

4/03

2013

/05/

0320

13/0

6/03

2013

/07/

0320

13/0

8/03

2013

/09/

0320

13/1

0/03

2013

/11/

0320

13/1

2/03

2014

/01/

0320

14/0

2/03

2014

/03/

0320

14/0

4/03

2014

/05/

0320

14/0

6/03

2014

/07/

0320

14/0

8/03

2014

/09/

0320

14/1

0/03

2014

/11/

0320

14/1

2/03

2015

/01/

0320

15/0

2/03

2015

/03/

0320

15/0

4/03

2015

/05/

0320

15/0

6/03

2015

/07/

0320

15/0

8/03

2015

/09/

0320

15/1

0/03

2015

/11/

0320

15/1

2/03

2016

/01/

0320

16/0

2/03

IGC FREIGHT INDICES / IGC VRAG INDEKSE(International Grains Council)

Grain Freight Index / Graan Vrag Indeks Baltic Dry Index / Baltiese Droë Indeks

10. IMPORT PARITY PRICES – SUMMER GRAINS (b) 10. INVOERPARITEITPRYSE - SOMERGRANE (b)

11. IMPORT PARITY PRICES – WINTER CEREALS (b) 11. INVOERPARITEITPARYSE - WINTERGRANE (b)

6

800

1375

1950

2525

3100

3675

4250

4825

06-J

an-1

216

-Mar

-12

25-M

ay-1

203

-Aug

-12

12-O

ct-1

211

-Jan

-13

26-M

ar-1

304

-Jun

-13

13-A

ug-1

322

-Oct

-13

31-D

ec-1

311

-Mar

-14

20-M

ay-1

429

-Jul

-14

07-O

ct-1

416

-Dec

-14

24-F

eb-1

505

-May

-15

14-J

ul-1

529

-Sep

-15

08-D

ec-1

5

R/tUS No2 HRW WHEAT PRICE / VSA No2 HRW KORINGPRYS

Against the actual exchange rate / Teenoor die werklike wisselkoers

Against a fixed exchange rate of R4.82 as on 06/11/97 /Teenoor 'n vasgestelde wisselkoers van R4.82 soos op 06/11/97

600

1050

1500

1950

2400

2850

3300

3750

4200

06-J

an-1

216

-Mar

-12

25-M

ay-1

203

-Aug

-12

12-O

ct-1

211

-Jan

-13

26-M

ar-1

304

-Jun

-13

13-A

ug-1

322

-Oct

-13

31-D

ec-1

311

-Mar

-14

20-M

ay-1

429

-Jul

-14

07-O

ct-1

416

-Dec

-14

24-F

eb-1

505

-May

-15

14-J

ul-1

529

-Sep

-15

08-D

ec-1

5

R/tUS No3Y MAIZE PRICE / VSA No3Y MIELIEPRYS

Against the actual exchange rate /

Teenoor die werklike wisselkoers

Against a fixed exchange rate of R4.82 as on 06/11/97 / Teenoor 'n vasgestelde wisselkoers van R4.82 soos op 06/11/97

INVOERPARITEITPRYSE VAN SOMERGRANE (BTW UITGESLT) 2016/02/11 IMPORT PARITY PRICES OF SUMMER GRAINS (VAT EXCL)

Mielies/Maize Mielies/Maize Sorghum Sorghum SorghumNota/Note

VSA/USA

Argentynse/Argentine

VSA/USA

Argentynse/Argentine

Australiese/Australian

ITEMGolf/Gulf (no.3Y) Up River Golf/Gulf Up River Brisbane ITEM

$/t $/t $/t $/t $/t Internasionale VAB pryse a 170.00 167.00 174.00 148.00 203.00 International FOB prices Vraggeld b 27.00 16.00 27.00 16.00 19.00 Freight Rates Assuransie (0.3% van VAB) 0.51 0.50 0.52 0.44 0.61 Insurance (0.3% of FOB)

1 KOSTE, ASSURANSIE EN VRAG (KAV) $/T 197.51 183.50 201.52 164.44 222.61 1 COST, INSURANCE AND FREIGHT (CIF) $/TOmskakel na R/t Converted to R/t

R/$ Wisselkoers op: 2016/02/09 16.0186 16.0186 16.0186 16.0186 16.0186 R/$ Exchange rate on: 2016/02/09R/t R/t R/t R/t R/t

2 KOSTE, ASSURANSIE EN VRAG (KAV) R/t 3163.83 2939.41 3228.07 2634.10 3565.90 2 COST, INSURANCE AND FREIGHT (CIF) R/t

Finansieringskoste c 26.65 24.76 27.20 22.19 30.04 Financing cost3 KOSTE, ASSURANSIE, VRAG EN FINANSIERING R/t 3190.48 2964.17 3255.27 2656.29 3595.94 3 COST, INSURANCE, FREIGHT AND FINANCING R/t

Aflaaikoste: d, e 146.54 146.54 146.54 Discharging cost: - Kaapstad 114.64 114.64 n/a n/a n/a - Cape Town - Durban 151.64 151.64 158.90 158.90 158.90 - Durban

Invoertarief f 0.00 0.00 83.62 71.12 97.55 Import Tariff 4 VRY OP SPOOR (VOS) R/t 4 FREE ON RAIL (FOR) R/t

- Kaapstad 3305.12 3078.81 n/a n/a n/a - Cape Town - Durban 3342.12 3115.81 3485.43 2873.95 3840.03 - Durban

Spoorvragkoste g Railage cost - Durban na Randfontein 432.09 432.09 432.09 432.09 432.09 - Durban to Randfontein

5 GELEWER: 5 DELIVERED: - Durban na Randfontein R/ton 3774.21 3547.90 3917.52 3306.04 4272.12 - Durban to Randfontein R/ton

Notas/Notes:a Bron van pryse en vraggeld : IGC GMI 2016/02/09

Source of prices and freight rates: IGC GMI

Termyn / TermUS$/ton

(VAB/FOB) Vraggeld/Freight Rate: US$/tonMielies/Maize: VSA/USA (Golf/Gulf No.3Y) Feb 2016 170.00 US Golf / Gulf 27.00Mielies/Maize: Argentinië/Argentina (Up River) Feb 2016 167.00 Argentinië / Argentina 16.00Sorghum: VSA/USA (Golf / Gulf Milo) Mrt/Mar 2016 174.00 Australië/Australia 19.00Sorghum: Argentinië/Argentina (Up River) Feb 2016 148.00Sorghum: Australië/Australia (Brisbane) Feb 2016 203.00

b Vraggeld: bereken vir vragte van +/- 20 000 - 30 000t. / Freight rates: calculated for freights of +/- 20 000 - 30 000t.

c Finansieringskoste: 30 000t @ KAV @ primakoers vir 30 dae. Bron/Source: SARB 10.25% 2016/01/29Financing cost: 30 000t @ CIF @ prime rate for 30 days.

d Aflaaikoste / Discharging costs (R/ton): Mielies/Maize: Sorghum

Bron / Source: Hull BlythKaapstad / Cape Town: 114.64 n/aDurban: 151.64 158.90

e Ingesluit: Kaaigelde, hantering, kaaitoesig, agente/dokumentasie, logistiek & opnames (inspeksie van skeepsvrag) /Included: Wharfage, handling, wharf supervision, agent/documentation, logistic & survey (inspection of shipload).Uitgesluit: Gesondheidsinspeksie-, skeepsagentskapfooi, strooktoetsingsfooi vir GMO, opbergingskoste asook BTW en invoerbelasting /Excluded: Health inspection fee, Ship agency fee, strip testing fees for GMO, storage costs as well as VAT and import duty.N.B: Slegs 'n aanduiding, aangesien koste van opname beding kan word / N.B: Indication only, as cost of survey can be negotiated.

f Invoertarief / Import Tariff:Mielies/Maize = Vry / FreeSorghum = 3% op VAB / on FOB

g Neem asb. Kennis dat Spoornet se spoorvrag op 1 April 2015 verhoog het na R432.09.Please take note that on 1 April 2015 Spoornet railage cost increased to R432.09.

7

INVOERPARITEITPRYSE VAN WINTERGRANE (BTW UITGESLT) 2016/02/11 IMPORT PARITY PRICES OF WINTER CEREALS (VAT EXCL)

Koring/Wheat Koring/Wheat Koring/Wheat Koring/Wheat Gars/Barley Gars/BarleyNota/Note

VSA/USA

VSA/USA

Argentynse/Argentine

EU Duitsland/Germany

Australiese/Australian

Franse/French

Golf/Gulf PNW Up River Adelaide Rouen

ITEM HRW DNS Trigo PanB kwaliteit/

quality Mout/Malting Mout/Malting ITEM$/t $/t $/t $/t $/t $/t

Internasionale VAB pryse a 204.00 225.00 195.00 176.00 249.00 208.00 International FOB prices Vraggeld b 27.00 27.00 16.00 23.00 20.00 24.00 Freight Rates Assuransie (0.3% van VAB) 0.61 0.68 0.59 0.53 0.75 0.62 Insurance (0.3% of FOB)1 KOSTE, ASSURANSIE EN VRAG (KAV) $/T 231.61 252.68 211.59 199.53 269.75 232.62 1 COST, INSURANCE AND FREIGHT (CIF) $/T

Omskakel na R/t Converted to R/t

R/$ Wisselkoers op: 2016/02/09 16.0186 16.0186 16.0186 16.0186 16.0186 16.0186 R/$ Exchange rate on: 2016/02/09R/t R/t R/t R/t R/t R/t

2 KOSTE, ASSURANSIE EN VRAG (KAV) R/t 3710.07 4047.58 3389.38 3196.19 4321.02 3726.25 2 COST, INSURANCE AND FREIGHT (CIF) R/t

Finansieringskoste c 31.26 34.10 28.55 26.93 36.40 31.39 Financing cost3 KOSTE, ASSURANSIE, VRAG EN FINANSIERING R/t 3741.33 4081.68 3417.93 3223.12 4357.42 3757.64 3 COST, INSURANCE, FREIGHT AND FINANCING R/t Aflaaikoste d, e Discharging cost 3.1 Kaapstad (Hoofsaaklik kaaihyskraan metode) 114.64 114.64 114.64 114.64 146.60 146.60 3.1 Cape Town (Mainly shore cranes method) 3.2 Durban (Hoofsaaklik suig-in-silo metode) 151.64 151.64 151.64 151.64 158.90 158.90 3.2 Durban (Mainly suction into silo method) Invoertarief op koring f 911.20 911.20 911.20 911.20 0.00 0.00 Import Tariff on wheat4 VRY OP SPOOR (VOS) R/t 4 FREE ON RAIL (FOR) R/t

4.1 Kaapstadhawe 4767.17 5107.52 4443.77 4248.96 4504.02 3904.24 4.1 Cape Town Harbour4.2 Durbanhawe 4804.17 5144.52 4480.77 4285.96 4516.32 3916.54 4.2 Durban Harbour

Spoorvragkoste g Railage cost - Kaapstad na Paarl 111.84 111.84 111.84 111.84 n/a n/a - Cape Town to Paarl - Durban na Randfontein 432.09 432.09 432.09 432.09 432.09 432.09 - Durban to Randfontein

5 GELEWER: 5 DELIVERED: - Kaapstad na Paarl R/ton 4879.01 5219.36 4555.61 4360.80 n/a n/a - Cape Town to Paarl R/ton - Durban na Randfontein R/ton 5236.26 5576.61 4912.86 4718.05 4948.41 4348.63 - Durban to Randfontein R/ton

Notas/Notes: 2016/02/09a Bron van pryse en vraggeld : IGC GMI

Source of prices and freight rates: IGC GMI VAB/FOB Gars/Barley =

Termyn / Term US$/ton Vraggeld / Freight Rate: US$/ton US$ + 1Koring/Wheat: HRW No 2 (Hard Red Winter) Golf / Gulf Feb 2016 204.00 US (Golf / Gulf) 27.00Koring/Wheat: DNS 14% No 2 (Dark Northern Spring) Golf / Gulf Feb 2016 225.00 Argentinië / Argentine (Upriver) 16.00Koring/Wheat: Argentinië / Argentine (Up River) Trigo Pan Feb 2016 195.00 EEC (Bordeaux Hamburg) 23.00 24.00Koring/Wheat: EU (Duitsland / Germany) B kwaliteit / quality Feb 2016 176.00 Australië / Australia (Eastern) 19.00 20.00Gars/Barley: Australiese moutgars/Australian malting barley (Adelaide) Feb 2016 249.00Gars/Barley: Franse moutgars/French malting barley (Rouen) Feb 2016 208.00

b Vraggeld: bereken vir vragte van +/- 20 000 - 30 000t. / Freight rates: calculated for freights of +/- 20 000 - 30 000t.

c Finansieringskoste: 30 000t @ KAV @ primakoers vir 30 dae. Bron/Source: SARB 10.25% 2016/01/29Financing cost: 30 000t @ CIF @ prime rate for 30 days.

d Aflaaikoste / Discharging cost (R/ton): Koring/Wheat: Gars/Barley:

Bron / Source: Hull BlythKaapstad /Cape Town: 114.64 146.60Durban: 151.64 158.90

e Ingesluit: Kaaigelde, hantering, kaaitoesig, agente/dokumentasie, logistiek & opnames (inspeksie van skeepsvrag).Included: Wharfage, handling, wharf supervision, agent/documentation, logistic & survey (inspection of shipload).Uitgesluit: Gesondheidsinspeksie-, skeepsagentskapfooi, strooktoetsingsfooi vir GMO, opbergingskoste asook BTW en invoerbelasting.Excluded: Health inspection fee, Ship agency fee, strip testing fees for GMO, storage costs as well as VAT and import duty.N.B: Slegs 'n aanduiding, aangesien koste van opname beding kan word / N.B: Indication only, as cost of survey can be negotiated.

f Invoertarief / Import Tariff:Koring/Wheat = R911.20 p/tonGars/Barley = Vry/Free

g Neem asb. Kennis dat Spoornet se spoorvrag op 1 April 2015 verhoog het soos volg:Kaapstad na Paarl R111.84 en Durban na Randfontein R432.09.Please take note that on 1 April 2015 Spoornet railage cost increased as follows:Cape Town to Paarl R111.84 and Durban to Randfontein R432.09.

12. IMPORT PARITY PRICES – OIL SEEDS (b)(e)(f) 12. INVOERPARITEITPRYSE - OLIESADE (b)(e)(f)

8

INVOERPARITEITPRYSE VAN OLIESADE (BTW UITGESLT) 2016/02/11 IMPORT PARITY PRICES OF OIL SEEDS (VAT EXCL)

Sojabone/Soybeans

Sojabone/Soybeans

Sojabone/Soybeans

Sonneblom/Sunflower Canola

Grondbone/Groundnuts

Grondbone/Groundnuts

Nota/Note

VSA/USA

Argentynse/Argentine

Brazilië/Brazil

EU Franse/French

Kanadese/Canadian

Argentynse/Argentine

VSA/USA

ITEMGolf/Gulf Up River Paranagua Bordeaux Vancouver Raw Runners

40/50Raw Runners

40/50 ITEM$/t $/t $/t $/t $/t $/t $/t

Internasionale VAB pryse a 345.00 329.00 328.00 442.00 359.00 1055.00 * 1055.00 * International FOB prices Vraggeld b 27.00 16.00 16.00 23.00 36.00 95.00 27.00 Freight Rates Assuransie (0.3% van VAB) 1.04 0.99 0.98 1.33 1.08 3.17 3.17 Insurance (0.3% of FOB)

1 KOSTE, ASSURANSIE EN VRAG (KAV) $/T 373.04 345.99 344.98 466.33 396.08 1153.17 1085.17 1 COST, INSURANCE AND FREIGHT (CIF) $/TOmskakel na R/t Converted to R/tR/$ Wisselkoers op: 2016/02/09 16.0186 16.0186 16.0186 16.0186 16.0186 16.0186 16.0186 R/$ Exchange rate on: 2016/02/09

R/t R/t R/t R/t R/t R/t R/t2 KOSTE, ASSURANSIE EN VRAG (KAV) R/t 5975.58 5542.28 5526.10 7469.95 6344.65 18472.17 17382.90 2 COST, INSURANCE AND FREIGHT (CIF) R/t

Finansieringskoste c 50.34 46.69 46.56 62.93 53.45 155.62 146.44 Financing cost3 KOSTE, ASSURANSIE, VRAG EN FINANSIERING R/t 6025.92 5588.97 5572.66 7532.88 6398.10 18627.79 17529.34 3 COST, INSURANCE, FREIGHT AND FINANCING R/t

Aflaaikoste: Durban d, e 158.90 158.90 158.90 249.15 158.90 531.14 531.14 Discharging cost: Durban Invoertarief: f 442.11 421.61 420.33 0.00 575.07 1689.96 1689.96 Import Tariff:

4 VRY OP SPOOR (VOS) R/t: Durban 6626.93 6169.48 6151.89 7782.03 7132.07 20848.89 19750.44 4 FREE ON RAIL (FOR) R/t: Durban

Spoorvragkoste g Railage cost - Durban na Randfontein 432.09 432.09 432.09 432.09 432.09 - - - Durban to Randfontein

5 GELEWER: 5 DELIVERED: - Durban na Randfontein R/ton 7059.02 6601.57 6583.98 8214.12 7564.16 - - - Durban to Randfontein R/tonNotas/Notes:

a Bron van pryse en vraggeld / Source of prices and freight rates : IGC (GMI), Georgalos Peanut World & Oilworld 2016/02/09

Termyn / TermUS$/ton

(VAB/FOB)Vraggeld/Freight Rate: US$/ton

Sojabone/Soybeans: VSA/USA (Golf/Gulf) Feb 2016 345.00 US Golf / Gulf 27.00Sojabone/Soybeans: Argentinië/Argentina (Up River) Feb 2016 329.00 Argentinië / Argentina 16.00Sojabone/Soybeans: Brazilië/Brazil (Paranagua) Mrt/Mar 2016 328.00 EEC (Bordeaux/Hamburg) 23.00Sonneblom/Sunflower: EU Frankryk/France (Bordeaux) Apr 2016 442.00 Kanada/Canada (North Pacific) 36.00Canola: Kanada/Canada (Vancouver) Feb 2016 359.00 Grondbone/Groundnuts (ARG) 95.00Grondbone/Groundnuts: Argentinië/Argentina (Raw Runner 40/50) Mrt/Mar 2016 1055.00Grondbone/Groundnuts: VSA/USA (Runners 40/50) Mrt/Mar 2016 1055.00

b Vraggeld: bereken vir vragte van +/- 20 000 - 30 000t. / Freight rates: calculated for freights of +/- 20 000 - 30 000t.

c Finansieringskoste: 30 000t @ KAV @ primakoers vir 30 dae. Bron/Source: SARB 10.25% 2016/01/29Financing cost: 30 000t @ CIF @ prime rate for 30 days.

d Aflaaikoste / Discharging costs (R/ton):Sojabone/Soybeans

Sonneblom/Sunflower

CanolaGrondbone/Groundnuts

Bron / Source: Hull Blyth Durban: 158.90 249.15 158.9 531.14

e Aflaaikoste / Discharging fees:Ingesluit: Kaaigelde, hantering, kaaitoesig, agente/dokumentasie, logistiek & opnames (inspeksie van skeepsvrag) /Included: Wharfage, handling, wharf supervision, agent/documentation, logistic & survey (inspection of shipload).Uitgesluit: Gesondheidsinspeksie-, skeepsagentskapfooi, strooktoetsingsfooi vir GMO, opbergingskoste asook BTW en invoerbelasting /Excluded: Health inspection fee, Ship agency fee, strip testing fees for GMO, storage costs as well as VAT and import duty.N.B: Slegs 'n aanduiding, aangesien koste van opname beding kan word / N.B: Indication only, as cost of survey can be negotiated.

f Invoertarief / Import Tariff:Sojabone/Soybeans = 8% op VAB / on FOBSonneblom/Sunflower = Vry / FreeCanola = 10% op VAB / on FOBGrondbone/Groundnuts = 10% op VAB / on FOB

g Neem asb. Kennis dat Spoornet se spoorvrag op 1 April 2015 verhoog het na R432.09.Please take note that on 1 April 2015 Spoornet railage cost increased to R432.09.

* Kwotasies is k.a.v. pryse. VAB pryse dus berekende pryse (kav minus vraggeld) / Quotes are c.i.f. prices. FOB prices are therefore calculated prices (cif minus freight rates).

13. EXPORT PARITY PRICES (b) 13. UITVOERPARITEITPRYSE (b)

14. WEATHER 14. WEER

9

INDICATIVE EXPORT PARITY PRICES 2016/02/11 AANDUIDENDE UITVOERPARITEITSPRYSE

US No3Y US HRW US DNS 14% Argentine RawMaize/ Mielies Wheat/Koring Wheat/Koring Runner 40/50Gulf/Golf (b) Gulf/Golf (b) PNW (b) Groundnuts/

Grondbone (f)Feb 16 Feb 16 Feb 16 Mar/Mrt 16

FOB Gulf value ($/t) 170.00 204.00 225.00 1055.00 VAB Golfwaarde ($/t)

Difference in quality and locality of SA 1 Kwaliteits- en liggingsverskil van SA 1

Maize: Plus US$10 ($/t) $10.00 Mielies: Plus VSA$10 ($/t)Groundnuts: Less 3,5% of fob value 96,5% Grondbone: Min 3,5% van vab waardeSA fob price ($/t) 180.00 204.00 225.00 1018.08 SA vab prys ($/t)

Exchange rate (1$=): (2016/02/09) 16.0186 16.0186 16.0186 16.0186 Wisselkoers (1$=): (2016/02/09)

FOB Gulf value (R/t) 2883.35 3267.79 3604.19 16308.22 VAB Golfwaarde (R/t)

Marketing costs: Bemarkings koste:

Financing (Prime rate 10.25% - 30 days) (R/t) 24.29 27.53 30.36 137.39Finansieringskoste (Primakoers 10.25% - 30 dae)

(R/t)

Railage: 2 Spoorvrag: 2

Randfontein – Durban harbour 432.09 432.09 432.09 - Randfontein – Durbanhawe

Loading costs: (R/t) 3 Oplaaikoste: (R/t) 3

Durban Harbour (Mainly spout method) 140.40 151.72 151.72 425.01 Durbanhawe (Hoofsaaklik tregter metode)EXPORT REALISATION (R/t): UITVOER REALISASIE (R/t):Randfontein 2286.57 2656.45 2990.02 15745.82 Randfontein

Loading costs, received from Hull Blyth: Oplaaikoste, ontvang van Hull Blyth:

This is only an example of how an export parity price can be calculated - it can vary according to need

Hierdie is slegs 'n voorbeeld van hoe 'n uitvoerpariteitsprys bereken kan word - dit kan varieer

volgens behoefte

Difference in quality and locality of SA(As requested by the industry)

1Kwaliteits- en liggingsverskil van SA

(Soos deur die bedryf versoek)As from 14 June 2012, the discount/rebate will no longer be used to calculate the export parity price on US HRW and a new calculation will be added for US DNS, also without the discount/rebate.

Vanaf 14 Junie 2012 sal die diskonto/premie nie meer gebruik word by die berekening van die uitvoerpariteitprys van US HRW nie en 'n nuwe berekening

word nou vir US DNS gedoen, ook sonder diskonto/premie.

Railage costs:Please take note that on 1 April 2015 Spoornet railage cost increased as follows: Cape Town to Paarl R111.84 and Durban to Randfontein R432.09.

2Spoorvrag koste:

Neem asb. Kennis dat Spoornet se spoorvrag op 1 April 2015 verhoog het soos volg: Kaapstad na Paarl R111.84 en Durban na Randfontein R432.09.

Included: Cargo dues, handling, wharf supervision, agency/documentation, logistics & surveys (inspection of cargo).Excluded: Ship agent fees, health & PPECB inspections, storage facility & transport costs to storage facility, VAT & duties.

3

Ingesluit: Kaaigelde, hantering, kaaitoesig, agente/dokumentasie, logistiek & opnames (inspeksie van skeepsvrag)

Uitgesluit: Skeepsagentskaps-, inspeksie-, opbergings- en vervoerkoste na opbergingsfasiliteit, BTW & invoerbelasting.

1000.00

1500.00

2000.00

2500.00

3000.00

3500.00

4000.00

4500.00

5000.00

2012

/01/

06

2012

/07/

06

2013

/01/

06

2013

/07/

06

2014

/01/

06

2014

/07/

06

2015

/01/

06

2015

/07/

06

2016

/01/

06

R/to

n

WHEAT / KORINGUS HRW

Import parity prices / Invoerpariteitspryse Export parity prices / Uitvoerpariteitspryse

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

3900.00

2012

/01/

06

2012

/07/

06

2013

/01/

06

2013

/07/

06

2014

/01/

06

2014

/07/

06

2015

/01/

06

2015

/07/

06

2016

/01/

06

R/to

n

MAIZE / MIELIES

Import parity prices / Invoerpariteitspryse Export parity prices / Uitvoerpariteitspryse

For local weather, please follow the link below : Vir plaaslike weer, volg asseblief die onderstaande skakel:www.weathersa.co.za www.weathersa.co.za

15. SUNDRIES (g) 15. DIVERSE (g)

Sources /Bronne:(a) = Safex; (b) = International Grains Council; (c) = CBOT; (d) = KCBT; (e) = Oil World; (f) = Georgalos Peanut World; (g) = USDA Fas-online.

* Formula according to ITAC (International Trade Administration Commission of South Africa)/Formule volgens ITAC (International Trade Administration Commission of South Africa)

SAGISNico Hawkins

General Manager / HoofbestuurderIndemnity/Vrywaring: Although everything has been done to ensure the accuracy of the information, neither SAGIS nor any of its directors or employees takes any

responsibility for actions or losses that might occur as a result of the usage of this information. / Alhoewel alles gedoen is om te verseker dat die inligting korrek is, aanvaar nie SAGIS of enige van sy direkteure of werknemers verantwoordelikheid vir enige aksies of verliese as gevolg van die inligting wat gebruik is nie.

10

Million TonMaizeMielies

WheatKoring

BarleyGars

Sorg-hum

OatsHawer

Ground-nuts

Grond-bone

Canola/Rape-seed

SoybeansSojabone

Sunflowerseed

Sonne-blomsaad Miljoen Ton

Production 970 736 146 68 22 40 68 321 39 ProduksieConsumption 967 711 146 67 22 17 66 276 36 Verbruik

Trade 131 163 26 10 2 3 13 130 1 HandelStock 209 239 25 6 3 3 5 80 2 Voorraad

World Balance Sheet / Wêreld Balansstaat (2016/02/09) 2015/16

520

560

600

640

680

720

760

Mil T

ons

WORLD WHEAT POSITION WêRELD KORING POSISIE

Wheat production /Koring produksie

Wheat consumption /Koring verbruik

Source/Bron: USDA

600630660690720750780810840870900930960990

1020

Mil T

on

WORLD MAIZE POSITION WêRELD MIELIE POSISIE

Maize production / Mielie produksie Maize consumption / Mielie verbruik

Source/Bron: USDA