SA maize prices closed mixed on Tuesday with yellow maize gaining‚ while white maize lost‚ as more of the latter was brought to market. Wheat closed the session higher due to worldwide supply concerns and a weaker rand.
“There was more white maize than yellow maize available today‚ therefore white maize closed down‚ and yellow gained a little‚” a local trader said.
At 12.54pm on Tuesday the rand was at R8.7432 from R8.6350 at Monday’s close.
White maize for December delivery‚ the most active contract on the South African Futures Exchange‚ shed R19 to close at R2‚509 a ton. Meal made from the grain is SA’s staple food.
Yellow maize for December delivery‚ the most active contract‚ added R3 to close at R2‚539 a ton. The grain is used mainly as animal feed in SA.
Wheat for December delivery added R13 to R3‚611 a ton.
Meanwhile corn futures in the US settled slightly down‚ as traders continued to weigh weak demand against tight supplies.
December corn futures were nearly unchanged‚ falling 1/4 cent to US$7.61 1/4 a bushel.
Wheat futures rose on optimism that US exports of the grain would pick up. Ukraine on Friday said it may run out of exportable wheat stocks next month‚ fuelling hope for greater US exports due to reduced competition.
CBOT December wheat rose 5 3/4 cents‚ or 0.7%‚ to $8.78 1/4 a bushel. - I-Net Bridge