Maize futures end mixed as rains delay new crop delivery

22 Apr 2014

South African maize futures ended mixed on Thursday‚ 17 April 2014, with near-dated contracts receiving solid support due to delays in the delivery of the new crop.

Maize futures end mixed as rains delay new crop delivery

The April 2014 maize contract surged R190 to R3‚145 a ton‚ while the July white maize contract edged up R1 to R2‚100 a ton and September 2014 contract declined by R5 to R2‚140 a ton.

The April 2014 yellow maize contract rallied R50 to R2‚650 a ton‚ but the July 2014 yellow maize contract shed R4.80 to R2‚205.20 a ton and the September 2014 contract was down R6.80 to R2‚243.20 a ton.

"The recent rainfall is delaying the early delivery process of the crop‚ sparking concerns of a crunch in supplies‚" CJS securities trader Piet Faure said.

South Africa has imported a total of 70‚583 tons of yellow maize the crisis-hit Ukraine since the middle of January to replenish the existing stocks.

Wheat for delivery in April 2014 edged up R4 at R3‚963 a ton‚ but wheat for delivery in July lost R24 to R3‚990 a ton‚ with the September 2014 wheat contract giving up R22 to R3‚948 a ton.

Source: I-Net Bridge

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