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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: [email protected]@sagis.org.za
Web address/adres: www.sagis.org.zaSWB46-1115 2015/11/19
SAGIS WEEKLY BULLETIN / SAGIS WEEKLIKSE BULLETIN
1
1. Producer Deliveries (ton): 1. Produsentelewerings (ton):
Commodity
Latest week/Jongste week:
7 - 13 Nov 2015
Total: current marketing year/Totaal: huidige bemarkingsjaar
Total: same periodprevious marketing year/
Totaal: selfde periodevorige bemarkingsjaar Kommoditeit
White maize 10 472 4 267 143 7 169 559 WitmieliesYellow maize 8 784 4 351 957 5 650 215 GeelmieliesTotal: maize 19 256 8 619 100 12 819 774 Totaal: mieliesWheat 204 295 579 276 1 678 852 Koring
2. Imports (ton): 2. Invoere (ton):2.1 Imports for RSA 2.1 Invoere vir RSA
Commodity
Latest week/Jongste week:
7 - 13 Nov 2015
Total: currentmarketing year/Totaal: huidige bemarkingsjaar
Total: same periodprevious marketing year/
Totaal: selfde periodevorige bemarkingsjaar Kommoditeit
White maize 0 67 340 0 WitmieliesYellow maize 38 306 449 657 0 GeelmieliesMaize Total 38 306 516 997 0 Mielies TotaalWheat 9 377 425 353 345 412 Koring
Origin of imports / Oorsprong van invoereWhite maize/Witmielies Yellow maize/Geelmielies Wheat/Koring
Mexico Argentina CanadaZambia Brazil Germany
LithuaniaRussiaUkraineUSA
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 6 038 29 188 41 805 Koring
Origin of imports / Oorsprong van invoereWhite maize/Witmielies Yellow maize/Geelmielies Wheat/Koring
N/a N/a LithuaniaRussia
4. DOMESTIC PRICES PER SAFEX (R/t) (a) 4. PLAASLIKE PRYSE VOLGENS SAFEX (R/t) (a)Futures prices / Termynpryse (2015/11/17)
Commodity 2015/11 2015/12 2016/03 2016/05 2016/07 KommoditeitWhite maize R3069.00/t R3081.00/t R3117.00/t R2999.00/t R2948.00/t WitmieliesYellow maize R3080.00/t R3072.00/t R3015.00/t R2833.00/t R2768.00/t Geelmielies
Wheat R4476.00/t R4500.00/t R4598.00/t R4638.00/t R4653.00/t KoringSunflower R6666.00/t R6586.00/t R6546.00/t R5861.00/t R5916.00/t SonneblomSoybeans R5800.00/t R5743.00/t R5569.00/t R5366.00/t R5440.00/t SojaboneSorghum N/a R3180.00/t R3080.00/t R3078.00/t R3097.00/t Sorghum
5. IMPORT TARIFF ON MAIZE (b)* 5. INVOERTARIEF OP MIELIES (b)*Derived US No2Y Yellow Maize fob (Gulf) (b) 2015/11/11 2015/11/12 2015/11/13 2015/11/16 2015/11/17
Afgeleide VSA No2Y Geelmielies vab (Golf) (b)
RSA Initial Reference Price $110.00 RSA Oorspronklike Verwysingsprys
2
3. Exports (ton): 3. Uitvoere (ton):3.1 RSA Exports 3.1 RSA Uitvoere
Commodity
Latest week/Jongste week:
7 - 13 Nov 2015
Total: currentmarketing year/Totaal: huidige bemarkingsjaar
Total: same periodprevious marketing year/
Totaal: selfde periodevorige bemarkingsjaar Kommoditeit
White maize 8 593 218 186 295 384 WitmieliesYellow maize 5 582 121 340 1 337 392 GeelmieliesMaize Total 14 175 339 526 1 632 776 Mielies TotaalWheat 788 14 522 16 933 Koring
Destination of exports / Bestemming van uitvoereWhite maize/Witmielies Yellow maize/Geelmielies Wheat/Koring
Botswana Botswana BotswanaLesotho Korea MozambiqueMozambique Lesotho NamibiaNamibia Mozambique SwazilandSwaziland Namibia Zambia
Swaziland ZimbabweZimbabwe
3.2 Imports for Exports 3.2 Invoere vir Uitvoere White maize N/a N/a N/a WitmieliesYellow maize N/a N/a N/a GeelmieliesMaize Total N/a N/a N/a Mielies TotaalWheat 2 117 13 713 32 288 Koring
Destination of exports / Bestemming van uitvoereWhite maize/Witmielies Yellow maize/Geelmielies Wheat/Koring
N/a N/a BotswanaLesothoSwazilandZimbabwe
35004000450050005500600065007000
2015
/07/
01
2015
/07/
15
2015
/07/
29
2015
/08/
12
2015
/08/
26
2015
/09/
09
2015
/09/
23
2015
/10/
07
2015
/10/
21
2015
/11/
04
R/t
SAFEX FUTURES PRICES (Mar 2016)/SAFEX TERMYNPRYSE (Mrt 2016)
Wheat / KoringSoybeans / SojaboneSunflower seed / Sonneblomsaad
2400
2600
2800
3000
3200
3400
3600
2015
/07/
01
2015
/07/
15
2015
/07/
29
2015
/08/
12
2015
/08/
26
2015
/09/
09
2015
/09/
23
2015
/10/
07
2015
/10/
21
2015
/11/
04
R/t
SAFEX FUTURES PRICES (Mar 2016)/SAFEX TERMYNPRYSE (Mrt 2016)
White maize / Witmielies
Yellow maize / Geelmielies
Base price ($/t) 117.65 117.65 117.65 117.65 117.65 Basisprys ($/t)Daily price ($/t) (IGC) 171.60 171.60 170.60 171.60 171.60 Daaglikse prys ($/t) (IGC)Average of 21 days ($/t) 178.36 178.08 177.79 177.46 177.27 Gemiddeld van 21 dae ($/t)Deviation from base price ($/t) -60.71 -60.43 -60.14 -59.81 -59.62 Afwyking van basisprys ($/t)Duty on maize ($/t) -68.36 -68.08 -67.79 -67.46 -67.27 Reg op mielies ($/t)Duty on maize (R/t) -934.07 -933.29 -933.11 -932.66 -934.15 Reg op mielies (R/t)R/$ Exchange rate(average of 21 days) 13.6639 13.7087 13.7647 13.8254 13.8865
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)2015/11/1
72015/11/10 2015/11/03 2015/10/27
US No 2 HRW Wheat (Gulf) 209.00 208.00 217.00 216.00 VSA No 2 HRW Koring (Golf)US DNS Wheat 14% PNW 239.00 240.00 248.00 245.00 VSA DNS Koring 14% PNWArgentine Wheat (Up River) 205.00 215.00 220.00 222.00 Argentynse Koring (Up River)EC (France) Wheat (grade 1) 184.00 194.00 194.00 192.00 EU (Frankryk) Koring (graad 1)EC (Germany) B Quality Wheat 192.00 199.00 200.00 202.00 EU (Duitsland) B Kwaliteit KoringBlack Sea Milling Wheat 198.00 200.00 198.00 184.00 Swart See MaalkoringUS No 3Y Maize (Gulf) 170.00 168.00 179.00 179.00 VSA No3Y Mielies (Golf)Argentine Maize (Up River) 170.00 162.00 167.00 165.00 Argentynse Mielies (Up River)US Sorghum (Gulf) 186.00 187.00 199.00 195.00 VSA Sorghum (Golf)Argentine Sorghum (Up River) 132.00 131.00 140.00 138.00 Argentynse Sorghum (Up RiverUS Soybeans (Gulf) 349.00 348.00 354.00 362.00 VSA Sojabone (Gulf)Argentine Soybeans (Up River) 348.00 347.00 352.00 357.00 Argentynse Sojabone (Up River)Canadian Canola 383.00 382.00 394.00 390.00 Kanadese CanolaArgentine Groundnuts Runners 40/50 1085.00 1070.00 1070.00 1070.00 Argentynse Grondbone 40/50 RunnersUS Groundnuts Runners 40/50 shelled 1055.00 1070.00 1070.00 1070.00 VSA Grondbone 40/50 Runners uitgedopAustralian Malting Barley (Gairdner Malt) 227.00 215.00 213.00 215.00 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
16/0
3/01
2016
/07/
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
16/0
3/01
2016
/07/
01
$/t
GRAIN PRICES / GRAANPRYSE
USA Yellow Maize / VSA GeelmieliesUS HRW Wheat / VSA HRW Koring
A - Actual prices / Werklike pryseB - Futures prices / Termynpryse
A B
US No2 HRW fob (Gulf) 2015/10/20 2015/10/27 2015/11/03 2015/11/10 2015/11/17 VSA No2 HRW vab (Golf)RSA Initial Reference Price $294.00 RSA Oorspronklike VerwysingsprysBase price ($/t) 222.00 222.00 222.00 222.00 222.00 Basisprys ($/t)Weekly price ($/t) (IGC) 214.00 216.00 217.00 208.00 209.00 Weeklikse prys ($/t) (IGC)3 Weeks moving average ($/t) 222.33 218.33 215.67 213.67 211.33 3 Weke skuiwende gemiddeld ($/t)Number of weeks that the deviation is more than $10 1
Aantal weke wat die afwyking meer as $10 is
Deviation from base price ($/t) -0.33 3.67 6.33 8.33 10.67 Afwyking van basisprys ($/t)Calculated Duty on wheat ($/t) 71.67 75.67 78.33 80.33 82.67 Berekende Reg op koring ($/t)Calculated Duty on wheat (R/t) 950.65 1033.43 1076.54 1146.87 1187.08 Berekende Reg op koring (R/t)R/$ Exchange rate 13.2643 13.6571 13.7436 14.2770 14.3593 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) (2015/11/17)Commodity 2015/12 2016/03 2016/05 2016/07 2016/09 2016/12 KommoditeitUS No3 Yellow maize 142.51 144.88 147.00 148.97 150.62 153.54 VSA No3 GeelmieliesUS No2 HRW wheat 170.20 174.97 178.57 182.03 187.10 194.08 VSA No2 HRW koringUS Soybeans N/a 319.82 322.02 322.61 323.93 N/a 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$/t 2015/11/12 2015/11/05Change/
Verandering VSA$/tSoybeans, Brazil, c.i.f. Rotterdam 367 378 -2.9% 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 1150 2.6% Grondbone, Argentynse Runners 40/50*Groundnut-oil, c.i.f. Rotterdam 1300 1300 0.0% Grondboon-olie, k.a.v. RotterdamSunflower seed, EU c.i.f. Amsterdam 475 475 0.0% Sonneblomsaad, EU k.a.v. AmsterdamSunflower-oil, EU (fob) N.W. Europe 875 875 0.0% Sonneblom-olie, EU (vab) N.W. Eur.Rapeseed, Europe, 00, c.i.f. Hamburg 405 418 -3.1% 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
5
US$/
t
USA groundnut prices / VSA grondboonpryse
US Groundnuts Runners 40/50
150
300
450
600
750
900
1050
Jan
'99
Jul '9
9Ja
n '0
0Ju
l '00
Jan
'01
Jul '0
1Ja
n '0
2Ju
l '02
Jan
'03
Jul '0
3Ja
n '0
4Ju
l '04
Jan
'05
Jul '0
5Ja
n '0
6 *
Jul '0
6Ja
n '0
7Ju
l '07
Jan
'08
Jul '0
8Ja
n '0
9Ju
l '09
Jan
'10
Jul '1
0Ja
n '1
1Ju
l '11
Jan
'12
Jul '1
2Ja
n '1
3Ju
l '13
Jan
'14
Jul '1
4Ja
n '1
5Ju
l '15
US$/
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
250
2015
/01/
02
2015
/02/
02
2015
/03/
02
2015
/04/
02
2015
/05/
02
2015
/06/
02
2015
/07/
02
2015
/08/
02
2015
/09/
02
2015
/10/
02
2015
/11/
02
US $
/t
WHEAT AND MAIZE FUTURES PRICES (Mar 2016)/KORING EN MIELIE TERMYNPRYSE (Mrt 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 INDEKSE2015/10/13 2015/10/20 2015/10/27 2015/11/03 2015/11/10 2015/11/17
Grain Freight Index* 3130 3101 3072 3013 2945 2818 Graan Vrag Indeks*
Baltic Dry Index 804 762 739 680 622 537 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/
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
INVOERPARITEITPRYSE VAN SOMERGRANE (BTW UITGESLT) 2015/11/19 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 170.00 170.00 186.00 132.00 225.00 International FOB prices Vraggeld b 32.00 22.00 32.00 22.00 23.00 Freight Rates Assuransie (0.3% van VAB) 0.51 0.51 0.56 0.40 0.68 Insurance (0.3% of FOB)
1 KOSTE, ASSURANSIE EN VRAG (KAV) $/T 202.51 192.51 218.56 154.40 248.68 1 COST, INSURANCE AND FREIGHT (CIF) $/TOmskakel na R/t Converted to R/t
R/$ Wisselkoers op: 2015/11/17 14.3593 14.3593 14.3593 14.3593 14.3593 R/$ Exchange rate on: 2015/11/17R/t R/t R/t R/t R/t
2 KOSTE, ASSURANSIE EN VRAG (KAV) R/t 2907.90 2764.31 3138.37 2217.08 3570.87 2 COST, INSURANCE AND FREIGHT (CIF) R/t
Finansieringskoste c 22.71 21.58 24.51 17.31 27.88 Financing cost3 KOSTE, ASSURANSIE, VRAG EN FINANSIERING R/t 2930.61 2785.89 3162.88 2234.39 3598.75 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 80.12 56.86 96.93 Import Tariff 4 VRY OP SPOOR (VOS) R/t 4 FREE ON RAIL (FOR) R/t
- Kaapstad 3045.25 2900.53 n/a n/a n/a - Cape Town - Durban 3082.25 2937.53 3389.54 2437.79 3842.22 - 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 3514.34 3369.62 3821.63 2869.88 4274.31 - Durban to Randfontein R/ton
Notas/Notes:a Bron van pryse en vraggeld : IGC GMI 2015/11/17
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) Des/Dec 2015 170.00 US Golf / Gulf 32.00Mielies/Maize: Argentinië/Argentina (Up River) Nov 2015 170.00 Argentinië / Argentina 22.00Sorghum: VSA/USA (Golf / Gulf Milo) Dec/Des 2015 186.00 Australië/Australia 23.00Sorghum: Argentinië/Argentina (Up River) Nov 2015 132.00Sorghum: Australië/Australia (Brisbane) Nov 2015 225.00
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 9.50% 2015/07/24Financing 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.
INVOERPARITEITPRYSE VAN WINTERGRANE (BTW UITGESLT) 2015/11/19 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
ITEM HRW DNS Trigo Pan$/t $/t $/t $/t $/t $/t
Internasionale VAB pryse a 209.00 239.00 205.00 192.00 227.00 206.00 International FOB prices Vraggeld b 32.00 32.00 22.00 25.00 24.00 26.00 Freight Rates Assuransie (0.3% van VAB) 0.63 0.72 0.62 0.58 0.68 0.62 Insurance (0.3% of FOB)1 KOSTE, ASSURANSIE EN VRAG (KAV) $/T 241.63 271.72 227.62 217.58 251.68 232.62 1 COST, INSURANCE AND FREIGHT (CIF) $/T
Omskakel na R/t Converted to R/t
R/t R/t R/t R/t R/t R/t2 KOSTE, ASSURANSIE EN VRAG (KAV) R/t 3469.64 3901.71 3268.46 3124.30 3613.95 3340.26 2 COST, INSURANCE AND FREIGHT (CIF) R/t
Finansieringskoste c 27.09 30.47 25.52 24.40 28.22 26.08 Financing cost3 KOSTE, ASSURANSIE, VRAG EN FINANSIERING R/t 3496.73 3932.18 3293.98 3148.70 3642.17 3366.34 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 4522.57 4958.02 4319.82 4174.54 3788.77 3512.94 4.1 Cape Town Harbour4.2 Durbanhawe 4559.57 4995.02 4356.82 4211.54 3801.07 3525.24 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 4634.41 5069.86 4431.66 4286.38 n/a n/a - Cape Town to Paarl R/ton - Durban na Randfontein R/ton 4991.66 5427.11 4788.91 4643.63 4233.16 3957.33 - Durban to Randfontein R/ton
a Bron van pryse en vraggeld : IGC GMI Source of prices and freight rates: IGC GMI VAB/FOB Gars/Barley =
Koring/Wheat: HRW No 2 (Hard Red Winter) Golf / Gulf Des/Dec 2015 209.00 US (Golf / Gulf) 32.00Koring/Wheat: DNS 14% No 2 (Dark Northern Spring) Golf / Gulf Des/Dec 2015 239.00 Argentinië / Argentine (Upriver) 22.00Koring/Wheat: Argentinië / Argentine (Up River) Trigo Pan Nov 2015 205.00 EEC (Bordeaux Hamburg) 25.00 26.00Koring/Wheat: EU (Duitsland / Germany) B kwaliteit / quality Nov 2015 192.00 Australië / Australia (Eastern) 23.00 24.00Gars/Barley: Australiese moutgars/Australian malting barley (Adelaide) Nov 2015 227.00Gars/Barley: Franse moutgars/French malting barley (Rouen) Nov 2015 206.00
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 9.50% 2015/07/24Financing cost: 30 000t @ CIF @ prime rate for 30 days.
d Aflaaikoste / Discharging cost (R/ton): Koring/Wheat: Gars/Barley:
Bron / Source: Hull Blyth 114.64 146.60
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.
800
1375
1950
2525
3100
3675
4250
4825
06-J
an-1
2
16-M
ar-1
2
25-M
ay-1
2
03-A
ug-1
2
12-O
ct-1
2
11-J
an-1
3
26-M
ar-1
3
04-J
un-1
3
13-A
ug-1
3
22-O
ct-1
3
31-D
ec-1
3
11-M
ar-1
4
20-M
ay-1
4
29-J
ul-1
4
07-O
ct-1
4
16-D
ec-1
4
24-F
eb-1
5
05-M
ay-1
5
14-J
ul-1
5
29-S
ep-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
2
16-M
ar-1
2
25-M
ay-1
2
03-A
ug-1
2
12-O
ct-1
2
11-J
an-1
3
26-M
ar-1
3
04-J
un-1
3
13-A
ug-1
3
22-O
ct-1
3
31-D
ec-1
3
11-M
ar-1
4
20-M
ay-1
4
29-J
ul-1
4
07-O
ct-1
4
16-D
ec-1
4
24-F
eb-1
5
05-M
ay-1
5
14-J
ul-1
5
29-S
ep-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
7
INVOERPARITEITPRYSE VAN WINTERGRANE (BTW UITGESLT) 2015/11/19 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
ITEM HRW DNS Trigo Pan$/t $/t $/t $/t $/t $/t
Internasionale VAB pryse a 209.00 239.00 205.00 192.00 227.00 206.00 International FOB prices Vraggeld b 32.00 32.00 22.00 25.00 24.00 26.00 Freight Rates Assuransie (0.3% van VAB) 0.63 0.72 0.62 0.58 0.68 0.62 Insurance (0.3% of FOB)1 KOSTE, ASSURANSIE EN VRAG (KAV) $/T 241.63 271.72 227.62 217.58 251.68 232.62 1 COST, INSURANCE AND FREIGHT (CIF) $/T
Omskakel na R/t Converted to R/t
R/t R/t R/t R/t R/t R/t2 KOSTE, ASSURANSIE EN VRAG (KAV) R/t 3469.64 3901.71 3268.46 3124.30 3613.95 3340.26 2 COST, INSURANCE AND FREIGHT (CIF) R/t
Finansieringskoste c 27.09 30.47 25.52 24.40 28.22 26.08 Financing cost3 KOSTE, ASSURANSIE, VRAG EN FINANSIERING R/t 3496.73 3932.18 3293.98 3148.70 3642.17 3366.34 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 4522.57 4958.02 4319.82 4174.54 3788.77 3512.94 4.1 Cape Town Harbour4.2 Durbanhawe 4559.57 4995.02 4356.82 4211.54 3801.07 3525.24 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 4634.41 5069.86 4431.66 4286.38 n/a n/a - Cape Town to Paarl R/ton - Durban na Randfontein R/ton 4991.66 5427.11 4788.91 4643.63 4233.16 3957.33 - Durban to Randfontein R/ton
a Bron van pryse en vraggeld : IGC GMI Source of prices and freight rates: IGC GMI VAB/FOB Gars/Barley =
Koring/Wheat: HRW No 2 (Hard Red Winter) Golf / Gulf Des/Dec 2015 209.00 US (Golf / Gulf) 32.00Koring/Wheat: DNS 14% No 2 (Dark Northern Spring) Golf / Gulf Des/Dec 2015 239.00 Argentinië / Argentine (Upriver) 22.00Koring/Wheat: Argentinië / Argentine (Up River) Trigo Pan Nov 2015 205.00 EEC (Bordeaux Hamburg) 25.00 26.00Koring/Wheat: EU (Duitsland / Germany) B kwaliteit / quality Nov 2015 192.00 Australië / Australia (Eastern) 23.00 24.00Gars/Barley: Australiese moutgars/Australian malting barley (Adelaide) Nov 2015 227.00Gars/Barley: Franse moutgars/French malting barley (Rouen) Nov 2015 206.00
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 9.50% 2015/07/24Financing cost: 30 000t @ CIF @ prime rate for 30 days.
d Aflaaikoste / Discharging cost (R/ton): Koring/Wheat: Gars/Barley:
Bron / Source: Hull Blyth 114.64 146.60
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) 2015/11/19 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 349.00 348.00 329.00 443.00 383.00 1085.00 * 1055.00 * International FOB prices Vraggeld b 32.00 22.00 22.00 25.00 46.00 95.00 32.00 Freight Rates Assuransie (0.3% van VAB) 1.05 1.04 0.99 1.33 1.15 3.26 3.17 Insurance (0.3% of FOB)
1 KOSTE, ASSURANSIE EN VRAG (KAV) $/T 382.05 371.04 351.99 469.33 430.15 1183.26 1090.17 1 COST, INSURANCE AND FREIGHT (CIF) $/TOmskakel na R/t Converted to R/tR/$ Wisselkoers op: 2015/11/17 14.3593 14.3593 14.3593 14.3593 14.3593 14.3593 14.3593 R/$ Exchange rate on: 2015/11/17
R/t R/t R/t R/t R/t R/t R/t2 KOSTE, ASSURANSIE EN VRAG (KAV) R/t 5485.97 5327.87 5054.33 6739.25 6176.65 16990.79 15654.08 2 COST, INSURANCE AND FREIGHT (CIF) R/t
Finansieringskoste c 42.84 41.60 39.47 52.62 48.23 132.67 122.23 Financing cost3 KOSTE, ASSURANSIE, VRAG EN FINANSIERING R/t 5528.81 5369.47 5093.80 6791.87 6224.88 17123.46 15776.31 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 400.91 399.76 377.94 0.00 549.96 1557.98 1514.91 Import Tariff:
4 VRY OP SPOOR (VOS) R/t: Durban 6088.62 5928.13 5630.64 7041.02 6933.74 19212.58 17822.36 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 6520.71 6360.22 6062.73 7473.11 7365.83 - - - Durban to Randfontein R/tonNotas/Notes:
a Bron van pryse en vraggeld / Source of prices and freight rates : IGC (GMI), Georgalos Peanut World & Oilworld 2015/11/17
Termyn / TermUS$/ton
(VAB/FOB)Vraggeld/Freight Rate: US$/ton
Sojabone/Soybeans: VSA/USA (Golf/Gulf) Des/Dec 2015 349.00 US Golf / Gulf 32.00Sojabone/Soybeans: Argentinië/Argentina (Up River) Nov 2015 348.00 Argentinië / Argentina 22.00Sojabone/Soybeans: Brazilië/Brazil (Paranagua) Mrt/Mar 2016 329.00 EEC (Bordeaux/Hamburg) 25.00Sonneblom/Sunflower: EU Frankryk/France (Bordeaux) Jan 2016 443.00 Kanada/Canada (North Pacific) 46.00Canola: Kanada/Canada (Vancouver) Nov 2015 383.00 Grondbone/Groundnuts (ARG) 95.00Grondbone/Groundnuts: Argentinië/Argentina (Raw Runner 40/50) Jan 2016 1085.00Grondbone/Groundnuts: VSA/USA (Runners 40/50) Des/Dec 2015 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 9.50% 2015/07/24Financing cost: 30 000t @ CIF @ prime rate for 30 days.
d Aflaaikoste / Discharging costs (R/ton): Sojabone/Soybeans
Sonneblom/Sunflower
Canola Grondbone/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. WEERFor local weather, please follow the link below : Vir plaaslike weer, volg asseblief die onderstaande skakel:
9
INDICATIVE EXPORT PARITY PRICES 2015/11/19 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)Dec/Des 15 Dec/Des 15 Dec/Des 15 Jan 16
FOB Gulf value ($/t) 170.00 209.00 239.00 1085.00 VAB Golfwaarde ($/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 ($/t) 180.00 209.00 239.00 1047.03 SA vab prys ($/t)
Exchange rate (1$=): (2015/11/17) 14.3593 14.3593 14.3593 14.3593 Wisselkoers (1$=): (2015/11/17)
FOB Gulf value (R/t) 2584.67 3001.09 3431.87 15034.62 VAB Golfwaarde (R/t)
Marketing costs: Bemarkings koste:
Financing (Prime rate 9.50% - 30 days) (R/t) 20.18 23.43 26.80 117.39 Finansieringskoste (Primakoers 9.50% - 30 dae) (R/t)
Railage: 2 Spoorvrag: 2
Paarl – Cape Town harbour - 111.84 111.84 - Paarl – Kaapstadhawe
Randfontein – Durban harbour 432.09 432.09 432.09 - Randfontein – Durbanhawe
Loading costs: (R/t) 3 Oplaaikoste: (R/t) 3
Cape Town Harbour 4 - 114.64 114.64 - Kaapstadhawe4
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):Cape Town Harbour - 2751.18 3178.59 - KaapstadhaweDurban Harbour 1992.00 2393.85 2821.26 14492.22 Durbanhawe
Loading costs, received from Hull Blyth: Oplaaikoste, ontvang van Hull Blyth:
Since wheat are not exported from Cape Town harbour, the assumption is made that loading costs are the same as discharging costs at Cape Town harbour.
4Aangesien geen koring vanaf Kaapstadhawe uitgevoer word nie, word die
aanname gemaak dat die oplaaikoste by Kaapstadhawe dieselfde is as die aflaaikoste.
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.
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.
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
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
R/to
n
MAIZE / MIELIES
Import parity prices / Invoerpariteitspryse Export parity prices / Uitvoerpariteitspryse
www.weathersa.co.za www.weathersa.co.za
Sources /Bronne:(a) = Safex; (b) = International Grains Council; (c) = CBOT; (d) = KCBT;
(e) = Oil World; (f) = Georgalos Peanut World.* 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
