South African maize futures ended firmly in positive territory on Friday on market concerns that the predicted rainfall forecast may not be sufficient for maize growing areas, said Andrew Fletcher, a trader at Unigrain.
The March 2012 white maize contract added R90 to R2,360 per ton, the May 2012 white maize gained R49.20 to R2,188.20 per ton, and July 2012 white maize rose R50 to R2,060 per ton, according to preliminary I-Net Bridge data.
The March 2012 yellow maize contract was up R70 to R2,395 per ton, the May 2012 yellow maize contract lifted R11 to R2,121 per ton and the July 2012 yellow maize contract climbed R24.20 R2,014.20 per ton.
The March wheat contract edged down R1 to R2,741 per ton, while May wheat was up R4 to R2,803 per ton, and the July 2012 wheat contract was down R2.80 to R2,843.20 per ton.
Meanwhile, Dow Jones Newswires reported that the US corn futures ended lower on Thursday, unable to extend recent gains. Traders took profits, with disappointment over weekly export sales and worries that higher prices are cooling overall demand making prices look overbought, said Jack Scoville, vice president Price Futures Group.
US wheat futures ended mixed, with winter-wheat contracts slumping on bearish supply outlooks. Ample world supplies make it hard for wheat in general to rally. - I-Net Bridge