South African maize futures finished the session decidedly weaker on Thursday, tracking weaker US corn prices ahead of the Friday's key planting and stocks reports.
The May 2012 white maize contract was down R80 to R2,232 per ton, July 2012 white maize fell R56 to R2,167 per ton, and September 2012 white maize dropped R59 to R2,198 per ton, according to preliminary I-Net Bridge data.
The May 2012 yellow maize contract was down R40 to R2,139 per ton, while the July 2012 yellow maize contract was off R40 to R2,110 per ton and the September 2012 yellow maize contract slid R38.20 to R2,135.80 per ton.
The May wheat contract was up R5 to R2,735 per ton, July wheat edged down R4 to R2,775 per ton, while the September 2012 wheat contract was down R1 to R2,799 per ton.
“There is some uncertainty in the US as to how both intentions-to-plant and quarterly stocks reports will play out,” said a local trader. “As a result you had market players clearing their positions.”
US corn futures slumped to a two-month low on Wednesday, pressured by investors reducing risk exposure in the market ahead of the reports from government forecasters, Dow Jones Newswires reported.
US farmers are likely to plant 3.0% more corn acreage this year than last year, but only 0.7% more soybean acreage, raising concerns soybean supplies could tighten as the year goes on, according to analysts polled by Dow Jones Newswires. - I-Net Bridge