Maize prices lower as rand strengthens

South African maize contracts ended the Wednesday (24 July) session lower on a stronger rand and weaker Chicago Board of Trade figures. Wheat futures closed mostly lower due to the firmer rand.

By Madeleine van Niekerk

25 Jul 2013

"The rand was trading stronger at R9.66/$ at noon on Wednesday (24 July) from R9.84/$ the previous day and this pushed maize prices lower‚" Senwes grains trader Thys Grobbelaar said.

"The market is waiting for Thursday's (25 July) monthly crop estimate report and is expected it to be a bit lower than the previous one‚ as drought affected maize growing areas in North West and the Free State‚" he said.

"Wheat prices closed mixed as local traders closed off their July contract positions on Safex. The other wheat contracts closed lower due to a stronger rand‚" he said.

The July white maize contract dropped R32 to R2‚280 per ton‚ September white maize gave back R30.80 to R2‚294.20 per ton and December white maize lost R36 to R2‚324 per ton.

The July yellow maize contract was off R34 to R2‚164‚ the September contract slid R39 to R2‚174 and December yellow maize retreated R44 to R2‚198 per ton.

July wheat ended R15 firmer at R3‚490 per ton‚ September wheat lost R35 to R3‚335 per ton and December wheat slumped R51 to R3‚298 per ton.