Following court proceedings on Friday, 6 November 2026, the Gauteng Division of the High Court struck Grain SA’s urgent interim interdict off the roll due to a lack of urgency. The interdict sought to stop the Johannesburg Stock Exchange (JSE) from abandoning the soybean Multiple Reference Point (MRP) model and returning to a Single Reference Point (SRP) system.
Grain SA expressed deep disappointment, stressing that the court did not rule on the merits of the case. The organization plans to approach the Deputy Judge President for an expedited hearing on the merits, while its separate main review application—served on the JSE on 27 October 2026—remains ongoing.
Contested JSE Tactics
Grain SA raised major concerns over actions taken by the JSE leading up to Friday’s ruling. Since the interdict was first launched on 13 August 2026, the exchange proceeded to list future soybean contracts through to March 2028—a step Grain SA noted strays from ordinary custom.
Additionally, the JSE published indicative location differentials much earlier than usual. During legal proceedings, the exchange then argued that interim relief should be denied because implementation was already underway.
“The existing system could have remained in place while the court considered our application. Instead, the JSE pressed ahead and then relied on its own actions to argue that it was too late to intervene,” said Grain SA Chairperson Richard Krige, adding that these actions have severely damaged producer trust in the exchange’s impartiality.
R800 Million Exposure
The refusal of interim protection leaves soybean producers directly exposed to financial risks while the formal judicial review unfolds—a process that can take years. Grain SA estimates that the structural change puts up to R800 million per season at risk for farmers.
“Producers are left carrying the financial risk while the legal process runs its course,” noted Grain SA CEO Tobias Doyer. “Even if the review ultimately succeeds in their favor, it would not automatically compensate them for losses already incurred. This is precisely the exposure our interdict application sought to prevent.”
Realities and Value
The underlying dispute centers on location differentials—price deductions applied to futures contracts based on delivery locations. Grain SA maintains that pricing frameworks must accurately mirror regional production, processing locations, and actual transport movements. A single reference point risks imposing arbitrary transport deductions that do not reflect where grain is consumed.
Grain SA emphasized that lower farmgate prices rarely translate into cheaper consumer goods. In concentrated markets, financial benefits are often absorbed along the value chain rather than passed to households.
Despite the procedural setback on urgency, Grain SA reiterated its commitment to the main review process to ensure transparent, evidence-based pricing for South African agriculture.
Fair Soybean Pricing Matters to Farmers, Consumers, and the Value Chain