South African maize futures ended weaker on Monday‚ tracking world corn prices‚ amid persistent weather uncertainty in the US.
The near-dated July white maize contract lost R30 to R1‚984 per ton‚ September white maize shed R20.80 to R2‚034.20 per ton‚ while December white maize slipped R27 to R2‚073 per ton‚ according to preliminary I-Net Bridge data.
The near-dated July yellow maize contract was down R24 to R1‚966 per ton‚ the September yellow maize contract was off R20 to R2‚003 per ton and the December yellow maize contract shed R27 to R2‚038 per ton.
The July wheat contract dropped R49 to R2‚899 per ton‚ September wheat gave up R49 to R2‚951 per ton and the December wheat contract dipped R31 to R2‚919 per ton.
“The mixed signals on whether patterns in the US are putting the corn market under pressure‚” said Andrew Fletcher‚ a trader at Unigrain. “On Friday‚ there were reports of improved weather forecasts for US crops‚ which triggered some selling pressure.”
The July corn closed lower on Friday and lower on the week. The market's failure to close above the June 8 high at US$6.05 1/2 was a disappointment for the bulls and kept near-term trend action focused down‚ Dow Jones Newswires reported. - I-Net Bridge