South African maize futures ended decidedly weaker on Tuesday due to better than expected rainfall in the western Free State and as traders closed their positions on the old nearby contracts, said a local trader.
The March 2012 white maize contract dropped R78 to R2,230 per ton, the May 2012 white maize slid R45 to R2,135 per ton, the July 2012 white maize shed R54 to R2,001 per ton, according to preliminary I-Net Bridge data.
The March 2012 yellow maize contract fell R69 to R2,315 per ton, the May 2012 yellow maize contract lost R30 to R2,115 per ton and the July 2012 yellow maize contract dipped R35 to R1,965 per ton.
The March wheat contract edged down R10 to R2,784 per ton, while May wheat shaved off R13 to R2,840 per ton, and the July 2012 wheat contract eased R17 to R2,865 per ton.
“Good rainfall in the western Free State put pressure on spot prices although some parts of North West are still dry. We also saw the US corn prices coming off in the electronic session, which added to the negative sentiment,” a local dealer said. - I-Net Bridge