South African maize futures ended lower on Wednesday, tracking the lower corn prices on the Chicago Board of Trade on the back of better weather forecasts.
The near-dated July 2012 white maize contract dropped R54 to R2,040 per ton, the September 2012 white maize also shed R54 to R2,070 per ton, and the December 2012 white maize dipped R55.80 to R2,107.20 per ton, according to preliminary I-Net Bridge data.
The near-dated July 2012 yellow maize contract lost R48 to R2,007 per ton, the September 2012 yellow maize contract was down R47.20 to R2,035.80 per ton and the December 2012 yellow maize contract lost R48 to R2,060 per ton.
The July wheat contract was, however, up R32 to R2,947 per ton, the September wheat lifted R21 to R2,995 per ton and the December 2012 wheat contract gained R26 to R2,974 per ton.
US corn and soybean futures tumbled on Tuesday on improved weather outlooks for crops, Dow Jones Newswires reported.
Near-term corn futures fell nearly 6%, and soybean prices slipped 2%, as forecasts for later this month showed cooler temperatures and some rain in key growing regions.
Less-threatening weather, coupled with swift plantings and higher-than-expected ratings for US crops, made investors' bullish bets on corn and soy futures less appealing.
“It's all about weather at this point,” said Don Roose, president of brokerage US Commodities in West Des Moines, Iowa. - I-Net Bridge