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Namib Mills reduces maize, wheat flour prices again

Staple food maker Namib Mills has said it will reduce the prices of maize meal, instant maize porridge, wheat flour by between 7 and 10% from next Monday.

According to the company, this is because global wheat prices have declined in US dollar terms, as the Black Sea grain corridor has been opened for the export of wheat from these wheat-producing countries. And wheat production and the future production prospects out of the major wheat-producing countries have increased, resulting in increased supply.

“The full benefit of the decrease in the international wheat price has been offset by the weaking of the Namibian dollar against the US dollar, but the net effect still enables us to announce a decrease in our prices,” said the company.

It further said white maize prices have also decreased due to an increase in South African maize harvest estimates, resulting in projections that sufficient maize will be available in the region.

“Global maize prices have also declined, as yields in other maize-producing areas of the world have improved resulting in increased supply projections,” reads the company’s statement.

The decreased prices, as announced, are for maize meal (10%-14%), instant maize porridge (7%), wheat flour (10%) and complete mix by 10%.

Namib Mills said already placed orders will be executed at the existing prices up to the close of business on Friday.