World prices‚ weaker rand lift South African maize futures

South African maize futures rallied on Tuesday (13 August)‚ underpinned by world prices following a bullish US crop report‚ traders said. The weaker rand added to the positive market sentiment.

By Andries Mahlangu

14 Aug 2013

The September white maize contract ended R34 higher at R2‚290 per ton‚ with the December white maize rallying R35 to R2‚337 per ton and the March 2014 white maize contract climbing R24 to R2‚320 per ton.

The September yellow maize closed R28 firmer at R2‚134 per ton‚ with the December contract gaining R32 to R2‚180 per ton and the March 2014 contract picking up R36 to R2‚155.

The September wheat ended R37 lower at R3‚370 per ton‚ but December wheat gained R11 to R3‚338 per ton.

The US Department of Agriculture on Monday (12 August) cut its corn-production forecast‚ while traders had expected an increase‚ the Dow Jones Newswires said.

The agency also cut its soybean-production outlook by more than analysts had expected.

Source: I-Net Bridge

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