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SAFEX
The white maize price formula is based on a 5-year average of the SAFEX actual spot price, fully inflation adjusted, plus:
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A transport differential ex Bloemhof landed at a milling facility north or south of a median being Otjiwarongo, and;
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an 8% GMO-free premium
Should the SAFEX spot price spiral upwards beyond the 5-year average price, the formula will be based on the Safex weighted fortnight:
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A transport differential ex Douglas landed at a milling facility north or south of a median being Otjiwarongo, and;
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an 8% GMO-free premium
In Namibia, white maize is grown exclusively as a staple food and is planted under both irrigation and rain fed conditions.
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