South African maize futures ended on a firmer note on Friday amid market speculation that the Crop Estimates Committee would on Tuesday lower the expected crop yields in the 2011-12 season, according to a local trader.
The May 2012 white maize contract was up R74 to R2,419 per ton, July 2012 white maize rallied R80 to R2,324 per ton, and September 2012 white maize lifted R75 to R2,345 per ton, according to preliminary I-Net Bridge data.
The May 2012 yellow maize contract gained R26 to R2,228 per ton, the July 2012 yellow maize contract was up R46 to R2,216 per ton and the September 2012 yellow maize contract climbed R34 to R2,232 per ton.
The May wheat contract was down R5 to R2,735 per ton, July wheat edged up R4 to R2,784 per ton, while the September 2012 wheat contract lifted R6 to R2,786 per ton.
Dow Jones Newswires reported that US wheat futures closed higher on Thursday, as lower prices early in the day triggered buying and traders focused on unfavourable weather for Europe's winter wheat crop.
Wheat for May delivery rose 1.6% to US$6.46 1/4 a bushel at the Chicago Board of Trade (CBOT).
Corn futures mostly followed wheat futures higher, and also drew support from tight current supplies and concerns about drought damage to South America's crop. CBOT May corn ended up 2 1/2 cents at $6.44 1/2 a bushel. - I-Net Bridge