Grains end positive on weaker rand
Maize and wheat futures gained slightly on Monday, 27 May 2013, as the result of a weaker rand despite commodity markets being quiet.
Image courtesy of adamr / FreeDigitalPhotos.net
"Commodity markets have been very quiet today because of the holiday in the US‚" said Piet Faure‚ a trader at CJS Securities.
"The weaker rand has played a role in higher futures today‚ but for now we are waiting for crop progress figures from the US to come out tomorrow evening in the US. There has been quite a lot of rain which has hampered planting in the US‚ so it will be interesting to see what the figures look like."
The white maize contract for July rose R5 to R2‚201 per ton‚ white maize for September gained R6 to R2‚240 per ton and December white maize ended R7 higher at R2‚282.20 per ton.
Yellow maize for July delivery lifted R9.20 to R2‚176.20 per ton‚ September maize ended R15 up at R2‚215 per ton and December yellow maize gained R12 at R2‚253 per ton.
The wheat contract for July closed R6 higher at R3‚575 per ton‚ September wheat lost R18 to R3‚527 per ton and December wheat gained R8 to R3‚375 per ton.
US corn markets were closed on Monday for Memorial Day.
Source: I-Net Bridge
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