Wheat prices rose as much as 4% in the US and this influenced the local market. The Black Sea region is a huge source of wheat exports and there are concerns that the turmoil could affect production this year‚ as farmers are starved of credit‚ besides the threat of logistical hiccups and export curbs.
"The Russia and Ukraine situation has escalated to serious levels. South Africa is a major importer of wheat. If there are supply concerns then prices will rise. Maize futures went up because of the weaker rand and they followed US corn prices higher‚" said CJS trader Piet Faure.
At the close of market‚ the July white maize contract was up R13 to R2‚106 a ton‚ the September 2014 contract rose by R12 to R2‚151 a ton and December 2014 maize ended R12 higher at R2‚205 a ton.
The July 2014 yellow maize contract gained R16 to R2‚216 a ton‚ the September 2014 contract was up R17 to R2‚255 a ton and the December 2014 yellow maize contract edged R16 higher to R2‚300 a ton.
Wheat for delivery in July soared R59 to R3‚964 a ton‚ the September 2014 wheat contract rose R30 to R3‚920 a ton and the December 2014 contract ended R52 higher at R3‚777 a ton.
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