South African maize futures reversed earlier gains to finish the session weaker on Monday, as market players liquidated their positions on March contracts to focus on July contracts in an otherwise quite market, according to a local dealer.
The March 2012 white maize contract shed R27.60 to R2,580.40 per ton, the May 2012 white maize shed R5 to R2,400 per ton, and July 2012 white maize lost R4 to R2,014 per ton, according to preliminary I-Net Bridge data.
The March 2012 yellow maize contract was down R20 to R2,600 per ton, May 2012 yellow maize contract was down R7 to R2,363 per ton and the July 2012 yellow maize contract shed R4 to R1,984 per ton.
The March wheat contract eased R6 to R2,788 per ton, while May wheat dropped R6 to R2,840 per ton, and the July 2012 wheat contract was down R6 to R2,881 per ton.
Dow Jones Newswires reported that US corn futures ended higher on Friday, climbing on improving export demand despite weakness in wheat and soybeans.
Corn for March delivery at the Chicago Board of Trade ended up 7 1/4 cents to $6.41 3/4 per bushel, while December corn ended up 5 cents to $5.71.
The split between nearby and deferred corn contracts reflect the increasing concern about near-term supplies and export demand.
Export sales have improved the past couple of weeks, a theme reinforced on Friday when the US Department of Agriculture announced fresh sales to Mexico.
Market bulls say with a poor Argentina crop and rising prices there, buyers will increasingly turn to the US for supplies. But US supplies are already relatively tight, according to recent USDA data, and many traders are convinced the government has overestimated domestic stockpiles. - I-Net Bridge