South African maize futures ended a tad lower on Friday in choppy trade.
The March 2012 white maize contract shed R26.80 to R2,300.20 per ton, the May 2012 white maize slipped R13 to R2,176 per ton, the July 2012 white maize dipped R3 to R2,049 per ton, according to preliminary I-Net Bridge data.
The March 2012 yellow maize contract shed R26 to R2,382 per ton, the May 2012 yellow maize contract was down R11 to R2,145 per ton and the July 2012 yellow maize contract lost R3 to R2,000 per ton.
“We had yet another choppy session today, with spot prices coming off a little bit in late trade. The rainfall in the short term is going to be critical, particularly in the Free State and western areas of the country,” said Andrew Fletcher, a trader at Unigrain. The maize crop needs sufficient moisture to produce good yields.
The March wheat contract edged up R17 to R2,796 per ton, while May wheat gained R18 to R2,850 per ton, and the July 2012 wheat contract picked up R8 to R2,882 per ton.
Meanwhile, Dow Jones Newswires reported US grain and soybean futures rallied on Friday, ending higher on growing optimism about export demand across the markets. - I-Net Bridge