Grain prices fall as rand firms
The combination of lower Chicago grains futures due to good US rains‚ farmer selling to repay debt due before the end of the month and a stronger rand saw grain futures prices fall on Friday (23 August).
"The stronger rand prompted some farmer selling as many have to repay debt by the end of the month‚" PSG grains trader Wouter Bosch said.
The rand was bid at R10.2067 to the dollar on Friday, up from its previous close of R10.2614.
According to Dow Jones Newswires‚ US grain futures were lower on Thursday (22 August) amid much-needed rainfall across parts of the Midwest parts of the US.
On the local market‚ the September white maize contract fell R14 to R2‚302 per ton‚ December white maize gave up R14 to R2‚350 per ton‚ and the March 2014 white maize contract shed R19 to R2‚330 per ton.
September yellow maize closed down R14 at R2‚155 per ton‚ the December contract slipped R16 to R2‚212 per ton and the March 2014 contract dropped R24 to R2‚181 per ton.
September wheat fell by R51 to R3‚454 per ton‚ December wheat declined by R11 to R3‚366 per ton‚ and March 2014 wheat dipped R4.60 to R3‚449 per ton.
Source: I-Net Bridge
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