South Africa's agribusiness confidence drops to a 15-year low due to El Niño-induced drought affecting grain crops.

South Africa's agribusiness confidence dropped to a 15-year low due to El Niño-induced drought affecting grain crops, worsening existing challenges such as infrastructure and service delivery issues. The Agricultural Business Chamber and Industrial Development Corp's Agribusiness Confidence Index fell to 38 in Q2, the lowest since Q3 of 2009. The drought led to a 19% decrease in the forecasted corn crop for the 2023-24 season.

June 24, 2024
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