In some stunning news, Namib Mills announced this week that the prices on a range of their products will come down by between 7% and 14% as of Monday 26 June 2023.
Global wheat prices have come down in US Dollar terms, Namib Mills stated, adding that this is the result of wheat from the black sea grain corridor again reaching international markets. Also, wheat production in other wheat growing areas around the world has increased, resulting in an increase in supply.
"The full benefit of the decrease in the international wheat price has been offset by the weaking of the Namibia Dollar against the US Dollar but the net effect still enables us to announce a decrease in our prices, Namib Mills stated.
White maize, a staple of almost all Namibian households, has also come down since the latest estimates for the current harvest indicate that sufficient maize will be available in local markets once the entire harvest has been consolidated. Global maize prices have also declined as a result of increased production in other maize growing areas around the globe.
"We therefore announce the following price decreases on the following ranges: Maize meal 10%-14%; Instant Maize Porridge 7%; Wheat flour 10%; Complete Mix 10%.
"Orders will be executed at the existing prices up to the close of business on Friday, 23 June 2023."
