South African maize futures finished the session higher on Wednesday, in what a local trader said was speculative buying on the last trading day for the May contract.
The May 2012 white maize contract was up R39 to R2,190 per ton, July 2012 white maize rose R47 to R2,153 per ton, and September 2012 white maize rose R23 to R2,160 per ton, according to preliminary I-Net Bridge data.
The May 2012 yellow maize contract was up R50 to R2,100 per ton, while the July 2012 yellow maize contract advanced R51 to R2,103 per ton and the September 2012 yellow maize contract increased by R54 to R2,144 per ton.
However, the May wheat contract slipped R19 to R2,686 per ton, July wheat dipped R17 to R2,739 per ton, while the September 2012 wheat contract was unchanged from Tuesday at R2,784.00 per ton.
“Farmers were trying to hold back on their crops on the last trading day for the May contracts, and this is what pushed maize prices up,” said a local trader.
Meanwhile, Dow Jones Newswires reported that US grain and soy futures prices came under pressure, as the strength in the US dollar and a lack of fresh supportive news attracted sellers.
Grain markets were consolidating from prior highs, with traders reducing risk exposure as planting season expanded. CBOT July soy was down 14 1/4c at $14.17 1/4/bushel; July corn down 1 1/4c at $6.06; July wheat dropped 1/2c to $6.19 3/4. - I-Net Bridge