South African maize futures ended mostly weaker on Friday, with the nearby contracts bearing the most selling pressure as market players closed their positions.
Hendrik Mulder, a trader at Robinson Mulder De Waal Financial Services, said traders took profits on the March contracts as they switched to July contracts.
The March 2012 white maize contract slid R60 to R2,608 per ton, but May 2012 white maize added R8 to R2,407 per ton, and July 2012 white maize lost R14 to R2,019 per ton, according to preliminary I-Net Bridge data.
The March 2012 yellow maize contract was down R47 to R2,623 per ton, but May 2012 yellow maize contract was up R4 to R2,357 per ton and the July 2012 yellow maize contract shed R8 to R1,988 per ton.
The March wheat contract receded R18.80 to R2,780.20 per ton, while May wheat dropped R15 to R2,826 per ton, and the July 2012 wheat contract was down R4 to R2,875 per ton.
Dow Jones Newswires reported that US wheat and soybean futures extended their recent rally on Thursday on supply uncertainty, while corn futures retreated as cash market prices softened.
Chicago Board of Trade soybeans for March delivery closed up 9 1/4 cents at US$12.22 3/4 per bushel. CBOT March wheat settled up 12 1/4c at $6.53 1/2 a bushel.
The markets had spillover support from Wednesday's Federal Reserve announcement that interest rates would be kept near zero through to late 2014.
That is considered negative for the dollar, which helps commodities because it supports US exports.
The grains and oilseed complex is also getting support from worries about crops in South America, where hot, dry weather has damaged corn prospects and threatened soybean output. - I-Net Bridge