South African maize futures ended marginally firmer on Wednesday amid some consolidation following selloffs in recent sessions.
Robert Steynberg, a trader at Vrystaat Koöperasie Beperk, said bargain hunters crept back into the market.
In the short term though, he said the market was looking to the US Department of Agriculture's monthly grain reports for direction. The report comes out on Thursday.
The March 2012 white maize contract gained R25 to R2,346 per ton, the May 2012 white maize lifted R13 to R2,115 per ton, the July 2012 white maize added R13 to R1,959 per ton, according to preliminary I-Net Bridge data.
The March 2012 yellow maize contract was up R68 to R2,430 per ton, May 2012 yellow maize contract gained R5 to R2,065 per ton and the July 2012 yellow maize contract picked up R4 to R1,922 per ton.
The March wheat contract was down R2 to R2,777 per ton, while May wheat edged down R4 to R2,826 per ton, and the July 2012 wheat contract shed R2 to R2,860 per ton.
Dow Jones Newswires reported that US grain and soybean futures ended lower on Tuesday, as traders took profits on prior gains, reducing risk exposure ahead of Thursday's government crop reports.
Wheat futures led the declines in grain futures, as traders trimmed weather premium from prices as potentially yield-robbing frigid temperatures in European wheat-growing areas begin to moderate.
The market lacked fresh supportive fundamental news to extend recent price advances, particularly with the yield losses adequately priced into the market and ample world wheat inventories, analysts said.
Analysts added that traders were taking profits after recent gains with Thursday's USDA reports looming.
CBOT March corn ended down 2 cents at US$6.42 1/4 per bushel. - I-Net Bridge