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Grain lower on rand‚ Chicago

30 Aug 2013

Grain futures closed lower on Thursday (29 August) due to a stronger rand and weaker grain prices in Chicago‚ which is used as the international benchmark for grain prices.

"Maize prices followed Chicago weaker and the stronger rand compared with when we closed on Wednesday‚ when the rand was near R10.40 per dollar‚ also played a part‚" Trademar Futures grains trader Benjamin Swanepoel said.

At 12.30pm on Thursday the rand was at R10.3486 per dollar after touching its weakest level since December 2008 at R10.5084 in morning trade on Wednesday (28 August).

On the local market‚ the September white maize contract fell by R27.80 to R2‚302.20 per ton‚ December white maize dropped R29.80 to R2‚351.20 per ton‚ and the March 2014 white maize contract eased by R31 to R2‚338 per ton.

September yellow maize fell more than white maize and closed down R33 at R2‚132 per ton‚ the December contract gave up R35 to R2‚193 per ton and the March 2014 contract slid R34 to R2‚174 per ton.

September wheat slumped by R63 to R3‚410 per ton due to good rains in the Western Cape wheat fields‚ December wheat dropped by R15 to R3‚417 per ton‚ and March 2014 wheat fell R14 to R3‚485 per ton.

According to Dow Jones Newswires‚ Chicago Board of Trade (CBoT) maize prices settled mixed‚ rising in the spot contract - which is soon entering its delivery period - due to the fact that cash market prices remain historically high.

September corn futures picked up 4 1/2c‚ or 0.9%‚ at $5.04 1/4 a bushel. All other maize contracts declined. CBoT wheat for September fell 4 1/4c‚ or 0.65%‚ to $6.46 1/2 a bushel.

"America's corn crop is likely to benefit from the heat‚ since it has already completed its delicate pollination stage‚ and could be ushered into maturation faster as a result. When the maize crop is more fully developed‚ there is less risk for an early frost cutting total yields‚" the newswire said.

Source: I-Net Bridge

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