South African maize futures lifted on Thursday, buoyed largely by strong exports and world prices.
The January 2012 white maize gained R44 to R2,777 per ton, the March 2012 white maize contract picked up R20 to R2,689 per ton, but July 2012 white maize shed R11.80 to R2,068.20 per ton, according to preliminary I-Net Bridge data.
The January 2012 yellow maize contract was up R35 to R2,770 per ton, the March 2012 yellow maize gained R9.60 to R2,629.60 per ton and the July 2012 yellow maize contract was unchanged at R2,040 per ton.
The January wheat contract added R8 to R2,800 per ton, while March wheat firmed R9 to R2,844 per ton, and the July 2012 wheat contract was up R14 at R2,936 per ton.
At 12:00 when the local grain market closed, the rand was at R8.05 to the US dollar from R8.09 previously.
Rudi Swanepoel, maize dealer at Farmwise Grains, said the strong maize exports data provided some support to the market although many players still awaited the US government crop reports later in the day to shed light on the world grain markets.
Meanwhile, Dow Jones Newswires reported that US grain and soybean futures ended mixed on Wednesday as traders booked profits and positioned themselves ahead of the US Department of Agriculture reports on Thursday.
Soybean futures were the aggressive mover of the day, tumbling as traders reduced exposure ahead of Thursday's report, as well as trimming risk premium from prices after South American rains eased fears of yield losses there.
Soybeans for March delivery at the Chicago Board of Trade ended 2.4%, at $12.03 per bushel.
The bean market reacted to reports of better than expected rains in drought stricken areas of Argentina, said Jack Scoville, analyst with Price Futures Group in Chicago.
“The selling pressure was the result of investors and analysts viewing the rains as beneficial to soy crops under stress from hot and dry conditions in prior weeks,” Scoville said.
Strength in the dollar index and weakness in crude oil were also bearish factors for prices.
Corn and wheat initially fell with soybeans on South American rains and broader based selling pressure. However, both markets shook off early losses to rebound despite pressure from outside markets.
Corn futures were supported by views Argentina rains came too late to reverse the yield losses that resulted from hot and dry conditions in prior weeks. - I-Net Bridge