South African maize futures ended weaker on Tuesday in what a local trader attributed to “some profit taking after a strong run the previous day”.
The near-dated May 2012 white maize contract lost R25 to R2,090 per ton, July 2012 white maize shed R26 to R2,096 per ton, and September 2012 white maize was unchanged at R2,150 per ton, according to preliminary I-Net Bridge data.
The near-dated May 2012 yellow maize contract lost R45.80 to R2,048.20 per ton, the July 2012 yellow maize contract was down R25 to R2,064 per ton and the September 2012 yellow maize contract slipped R37 to R2,083 per ton.
The May wheat contract was off R40 to R2,876 per ton, July wheat slid R44 to R2,907 per ton and the September 2012 wheat contract shed R41.20 to R2,970.80 per ton.
Meanwhile, US soybean futures climbed on Monday, fuelled by investors adding risk premium to account for stressful weather, Dow Jones Newswires reported.
“Investors are factoring in very nervous weather for newly planted US soybean crops,” said Mike Zuzolo, president of Global Commodity Analytics and Consulting.
The US corn futures ended mixed, with the spot month July contract stumbling on easing cash basis and slower exports, while new crop contracts were buoyed by weather risks.
CBOT July corn closed 2 1/2 cents lower at US$6.33 a bushel, and December corn rose 3 1/2 cents to $5.40 1/2. - I-Net Bridge