Maize futures ended weaker on Tuesday for the fourth straight session‚ tracking US prices amid lack of fresh supportive news flow.
The near-dated September white maize contract shed R63 to R2‚572 a ton and the December white maize contract dropped R65 to R2‚641 a ton. The March 2013 white maize contract was off R56 to R2‚639 a ton.
The near-dated September yellow maize contract was down R48 to R2‚598 a ton‚ the December yellow maize contract lost R49 to R2‚626 a ton and the March 2013 yellow maize lost R54.20 to R2‚615.80
The September wheat contract was down R20 to R3‚455 a ton‚ the December wheat contract shaved off R19 to R3‚510 a ton and the March 2013 wheat contract was unchanged at R3‚597 a ton.
US grain and soybean futures ended lower on Monday‚ as investors took profits on earlier gains and traders worried about softer corn demand‚ according to Dow Jones Newswires.
Traders are taking profits off the table in the absence of fresh news to support higher prices. The historic US drought has pushed corn and soybean prices to records in recent weeks. “Without a big weather story and no fresh export news to China‚ the market lacked the spark to extend gains‚” said Sterling Smith‚ futures specialist with Citigroup in Chicago. - I-Net Bridge