Maize futures fairly flat, wheat up

18 May 2012

Maize futures ended mostly higher on Thursday, 17 May 2012, but off the session's best level, as they tracked higher corn prices on the Chicago Board of Trade.

Image(s): FreeDigitalPhotos.net

The near-dated May 2012 white maize contract gained R8 to R2,095 per ton, but July 2012 white maize shed R5 to R2,079 per ton, and September 2012 white maize inched up R1 to R2,110 per ton, according to preliminary I-Net Bridge data.

The near-dated May 2012 yellow maize contract edged up R7 to R2,025 per ton, and the July 2012 yellow maize contract gained R3 to R2,040 per ton and the September 2012 yellow maize contract was unchanged at R2,070 per ton.

The May wheat contract rallied R58 to R2,812 per ton, July wheat climbed R65 to R2,865 per ton, while the September 2012 wheat contract rose R60 to R2,917 per ton.

"We saw some big moves today. The weaker rand/US dollar exchange rate lent support to the market, the Greece situation being the main culprit - all this obviously positive for local prices," a trader said.

Meanwhile, US wheat futures closed at two-week highs on Wednesday, climbing on worries about crops in the US and abroad, Dow Jones Newswires reported.

CBOT July wheat ended 4.9% higher at US$6.38 3/4 a bushel.

"Weather concerns arising from dry conditions for Russian, Australian and US winter wheat in the plains provided the spark to support wheat prices," said Terry Reilly, analyst with Citi in Chicago.

US corn futures soared in unison with the strength in wheat futures. CBOT July corn closed 22 3/4 cents or 3.8% higher at $6.20 a bushel.

Source: I-Net Bridge

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