South African maize futures snapped a two-session losing streak to finish firmer on Tuesday, lifted by higher corn prices on the Chicago Board of Trade (CBOT), said a local dealer.
The May 2012 white maize contract was up R34 to R2,177 per ton, July 2012 white maize lifted R38 to R2,132 per ton, and September 2012 white maize added R32 to R2,161 per ton, according to preliminary I-Net Bridge data.
The May 2012 yellow maize contract edged up R30 to R2,065 per ton, while the July 2012 yellow maize contract gained R37 to R2,073 per ton and the September 2012 yellow maize contract picked up R31 to R2,103 per ton.
The May wheat contract was up R15 to R2,700 per ton, July wheat rose R16 to R2,765 per ton, while the September 2012 wheat contract was up R6 to R2,790 per ton.
Market players will look to the domestic Crop Estimates Committee report, due out today, for some guidance on the expected crop yield in the new season.
Meanwhile, US wheat futures closed higher on Monday amid weather risks for the winter-wheat crop and higher Chinese demand, Dow Jones Newswires reported
Wheat for May delivery closed up 1.5% at US$6.25 a bushel at the Chicago Board of Trade.
Cool temperatures in Kansas raised concerns about possible frost damage to wheat crops there, although analysts said any harm was likely minimal. Forecasts for temperatures to drop in parts of the Midwest in the coming days also raised the prospect of lower yields for the winter-wheat crop.
Corn futures also rose on weather risks and heightened Chinese demand. China's customs data showed the country's first-quarter corn imports surged to nearly the volume imported in the whole of 2011. Almost all of the trade was with the US. - I-Net Bridge