Grain prices softer on lower US offers

South African grain futures closed the Wednesday (18 September) trading session lower due to softer US Chicago Board of Trade (CBoT) numbers.

"The market is very quiet although we are seeing a bit more selling in the market because the maize prices have dipped below the important psychological level of US$2‚300‚" a local trader said.

At midday‚ the September white maize contract was down R23 at R2‚281 a ton‚ the December white maize contract gave back R22.80 to R2‚296.20 a ton‚ and the March 2014 white maize contract weakened R33.00 to R2‚275 a ton.

September yellow maize closed R25 lower at R2‚085 a ton‚ the December yellow maize contract retreated R13 to R2‚133 a ton and the March 2014 yellow maize contract dipped R12.60 to R2‚115 a ton.

September wheat closed R19 lower at R3‚340 per ton‚ December wheat edged down R4 to R3‚350 per ton and March 2014 wheat dipped R1 to R3‚418 per ton.