Maize prices came off session highs to end mixed on Monday after rainfall probability in the US triggered some profit taking in the world’s largest producer and exporter of maize.
Dry and hot weather conditions in some parts of the US have been the primary reason for the surge in SA maize prices recently.
“We could be in for a major correction. Technically speaking‚ local prices are heavily overbought‚” said Andrew Fletcher‚ a trader at Unigrain.”
The near-dated July white maize contract slipped R5 to R2‚723 a ton and the September white maize contract lost R5 to R2‚745 a ton. December white maize dipped R2 to R2‚797 a ton.
The near-dated July yellow maize contract was up R20 to R2‚739 a ton‚ the September yellow maize contract gained R8 to R2‚719 a ton and the December yellow maize contract lifted R6 to R2‚746 a ton.
The July wheat contract climbed R50 to R3‚640 a ton‚ the September wheat contract was up R63 to R3‚673 a ton‚ and the December wheat contract advanced R31 to R3‚590 a ton. - I-Net Bridge